On Friday the market opened flat to positive and stayed bearish, settled in the red. The market was highly volatile and pressurized under sale. On the closing bell, the Nifty index ended below 12100, the Niftybank index settled above 31200 and the Sensex closed at 41142.45. The Nifty index loses around -40 points, Niftybank loses more than -100 points and the Sensex lost more than -150 points respectively.
Today, the Nifty index opened at 12151.15 went up to 12154.70 and closed at 12098.35 after making a low of 12073.95. The Niftybank index opened at 31367.05 and stayed volatile between 31368.20 to 31111.05 and closed above 31200.
As per the last view, ‘if the Nifty index holds above 12100 then it can go up to 12160 to 12200 and if the Nifty index breaks below 12120 and sustains below 12100 then it can fall till 12050 to 11975‘ today the index went up to 12155 and fell till 12074 after breaking 12120.
For the next day trading, if the Nifty index breaks above 12110 then it can go up to 12165 to 12200. If the Nifty index breaks 12070 then it will fall further till 12050 to 11980.
The Nifty index resisting below 12160 and trading below it as can be seen on the above chart. Today the market was bearish due to the profit booking on the upper level. Form the above hourly chart of the Nifty index it can be seen that the 12160 is a major resistance, breaking and sustaining above this will lead the market on the upper side. The market is now trading in uncertainty hence it will remain highly volatile.
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- Finance Ministry expects at least 80% of taxpayers to move new tax regime.
- Dr Reddy’s launches Trientine Hydrochloride capsules in US.
Trading zone for the Nifty index on 10th February 2020
Upside Resistance:- 12110, 12165, 12200.
Downside Support:- 12073, 12025, 11980.
In the Nifty 50, 25 stock traded in green and also 25 was declined 07th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, RELIANCE, TATAMOTORS, ZEEL, HEROMOTOCO and the volume-wise were YES BANK, TATAMOTORS, SBIN, ZEEL, ONGC.
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.