Thursday, on weekly expiry the market opened positive and settle in green. The market was choppy and volatile and trade in a range. On the closing bell, the Nifty index ends above 12000, Niftybank index settled at 30633 and the Sensex closed above 40650. The Nifty index gains 46 points, Niftybank 23.55 points and Sensex gains 184 points.
Today the Nifty index open and high remains the same as 12021.10 and closed at 12012.05 after making the low of 11947.15. The Niftybank index opened at 30719.35 and stayed volatile between 30817 to 30465.25 and closed 30633.15. The Sensex opened at 40625.65 made a high of 40683.43 low 40421.35 and closed at 40653.74.
As per our last view, ‘if the Nifty index breaks 12003 and sustains above 12000 then it can move up to 12090 to 12170 and if the Nifty index breaks and sustains below 11850 then it can fall towards 11800 to 1720’ today the index opened above 12003 and also closed above it.
For the next day trading, if the Nifty index stays above 12000 then the upside rally will continue till 12145. If the Nifty index breaks below 11990 it can fall till 11900 to 11850.
From the chart above it can be seen that the Nifty index moving up following upwards channel. As we can see the index taking support near 11850 and then jumps to 12021.10. Currently, the market looks positive and uptrend on an hourly chart moving up making higher highs and higher lows. Technically, the market looks positive and it can move upside new highs. The market remains in an uptrend till it remains above the lower band of the channel.
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Trading zone for the Nifty index on 08th November 2019
Upside Resistance:- 12040, 12100, 12150.
Downside Support:- 11990, 11965, 11900.
In the Nifty 50, 30 stocks traded in green whereas the 20 were declined on 07th November 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were IBULHSGFIN, TATASTEEL, YESBANK, HDFC, SBIN and the volume-wise were YESBANK, IDEA, IBULHSGFIN, NBCC, JINDALSTEL.