On a Wednesday the market was open higher and closed in the red. The market was highly volatile and fell sharply after the announcement of the RBI monetary policy. The market, not like the RBI cut the repo rate by 35 bps. Today the Nifty open at 10958.10 and closed at 10855.50 losing 92.75 points where Bank-nifty closed at 27702.05 losses 320.05 points and Sensex closed at 36690.50 lost 286.35 points.
The is Nifty currently trading below its downtrend line on the daily and weekly chart. Nifty continues breaking down its support and trading negatively. As per our view, the downtrend will continue and more selling will be seen in the coming days. If the Nifty will break 10890 on the upper side then it can move toward 10975 to 11020 for the trading day 08 August 2019. On the downside, if the Nifty breaks 10800 then a sharp fall will be registered in the market.
On the above hourly chart of the spot Nifty 50, it is trading below the upper band and breaks the middle band closing with a bearish crowed pattern. The market will register more selling pressure if 10827.80 lower band price will broked during the trading session. The market, technically in downtrend and MACD is showing negative cross over as above in the chart. The Nifty is trading below of its major resistance and after looking at the above all the factors it is clear that the market will be in a downtrend.
For the trading day, 08 August 2019, below 10890 the Nifty will be in downside and above 10890 it can move up to 10975.
Trading range for the Nifty on 08th August 2019
Upside Resistance:- 10945, 11020.
Downside Support:- 10800, 10750.
In the Nifty 50, 14 stocks traded in green where 35 were declined on 07 August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were IBULHSGFIN, YESBANK, RELIANCE, HDFCBANK, TITAN and the quantity were YESBANK, IDEA, DHFL, PNB, TATAMOTORS.
GSI Team is the technical expert team of Above Stocks, which is lead by the Aarish and works on giving the latest and accurate information about the Nifty and its prediction.