On Thursday, the market was open higher and closes in positive. The market gave one side rally after the government talks with FPI and the spot Nifty given the best rally in three months on tax cut expectation. On Thursday, Indian indices close on the higher side. The spot Nifty opened at 10899.20 made a high of 11058.05 closed at 11032.45, Banknifty was open at 27840.10 made high of 28227.55 low 27531.05 closed at 28110.45 and Sensex open at 36808.01 made high of 37408.50 low 36655.40 closed at 37327.36. Nifty gains 176.95 points, Banknifty 408.40 points and Sensex 636.86 respectively.
Spot Nifty, currently trading below of its long term moving averages and down trend line. On the basis of 2 to 3 days consolidation and today’s gain, the market can move upside for the shorter term. The spot Nifty can move up to 11100 to 11190 on the higher side in the short term. Now for the spot Nifty, 10800 is strong support. Spot Nifty will fall sharply If the 10800 will be broken and.
Above is the spot Nifty 50 hourly chart, the spot Nifty is trading below its downward trend line and 100, 200 daily moving averages. Technically, the spot Nifty breaks its resistance and moving towards the trend line. From the chart above it is seems that the spot Nifty can go up to 11100 to 11150 in the coming days. Still, the market is in a downtrend and as per our view, the trend will continue maybe after some gain or consolidation. For the spot Nifty, 10975 will be the key point in the coming trading day. Breaking and sustaining below of 10975 will take it towards 10900 to 10800.
Trading range for the Nifty on 09th August 2019
Upside Resistance:- 11110, 11190, 11300.
Downside Support:- 10895, 10750, 10600.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were RELIANCE, IBUKHSGFIN, AXISBANK, HDFCBANK, YESBANK and the quantity were IDEA, YESBANK, JINDALSTEL, BANKBARODA, TATAMOTORS.