On Monday, the market opened higher and stayed highly volatile. The market erased its morning gain and settled negative. On the closing bell, the Nifty index closed below 11150, Niftybank ends below 27800 and Sensex settled at 37531.98. The Nifty index and Sensex lose –48.35 and –141.33 points each, whereas Niftybank index settled with 35.70 points gain.
Today, the Nifty index’s opened at 11196.20 went up to 11233.85 and closed at 11126.40 after making the low of 11112.65. The Niftybank index opened at 27909.90 and stayed volatile between 28185.15 to 27568.15 and closed at 27767.55. Sensex opened at 37853.80 made a high of 37919.47 low 37480.47 and closed 37531.98.
As per our last view, ‘if the Nifty index breaks and sustain above 11245 then it can go up to 11300 to 11400 and if the Nifty index breaks below 11150 then the downtrend will continue and it can fell till 11085 to 11000’ and today Nifty went up to 11233.85 and fell to 11112.65 after breaking the 11150.
For the next day trading, ‘if the Nifty index breaks and hold above 11160 then it can go up to 11235 to 11300. If the Nifty index breaks 11112 and sustains below 11150 then further downside can be seen in the market.
From the above hourly chart of the Nifty index, it can be seen that the index is trading below following the downtrend. It can also be seen that the index has broken its near support and try to test 11085 support. It can also be seen that today the index traded below the resistance of 11250 and breaks the next support of 11117. The market looks weak and it can fell towards 11065 in the coming days. Technically, the index is trading below the downtrend and resistance also breaking its supports indicating weakness. It seems that the Nifty index can test 11000 soon. Now the market is highly volatile and giving unexpected moves so trade carefully and stay updated.
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- Rupee ends at 71.02.
Trading zone for the Nifty index on 09th October 2019
Upside Resistance:- 11160, 11250, 11300.
Downside Support:- 11112, 11065, 11000.
In the Nifty 50, 17 stocks traded in green whereas the 32 were declined on 07th October 2019 and one was unchanged.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, AXISBANK, BPCL, HDFCBANK, ZEEL and the volume-wise were YESBANK, IDEA, ZEEL, SAIL, SBIN.
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.