On Tuesday, the index opened in gap up and stayed bullish after the yesterday fall. Today the market was highly volatile and traded in a range. On the closing bell, the Nifty index ends above 12050, Niftybank index settled at 31400 and the Sensex closed at 40869. The Nifty index gains 60 points, Niftybank index gains more than 150 points and the Sensex gains around 200 points respectively.
Today, the Nifty index opened at 12079.10 went up to 12152.15 and closed at 12053 after making a low of 12005.35. The Niftybank index opened at 31598 and stayed volatile between 31851.45 to 31200 and closed at 31399.40.
As per the last view, ‘if the Nifty index sustains above 12000 then it can go up to 12050 to 12120 and if the index sustains below 12000 and breaks 11974 then further downside level can be seen in the coming trading session’ and the index went up to 12152 after sustaining above 12000 and made a low of 12005.35.
For the next day trading, if the Nifty index stays above 12000 then further upsides can be seen till 12155 or more. If the Nifty index breaks and sustains below 12000 then again it can fall from 11974 to 11935.
From the above hourly chart of the Nifty index, it can be seen that it is sustaining and trading below the near resistance of 12130 but holds the last support of 11974. Technically, the market is volatile and uncertain but is on the positive bias. 12150 will be decisive level or upside moves and 12000 will be of downside moves.
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- Reliance Communications committee of creditors to meet on January 8.
- SC rejects Centre’s plea challenging refund of rs 104 crore ordered by TDSAT to Rcom.
- JK Tyre plans to slash 50% of debt by 2023.
- PM Modi to meets India Inc heads to discuss the economy.
Trading zone for the Nifty index on 08th January 2020
Upside Resistance:- 12070, 12135, 12220.
Downside Support:- 12000, 11974, 11935.
In the Nifty 50, only 33 stocks traded in green whereas the 17 were declined on 07th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, RELIANCE, HDFCBANK, HDFC, BAJFINANCE and the volume-wise were YES BANK, SBIN, TATAMOTORS, VEDL, ICICIBANK.