The market was open higher on Friday and closes positively. The market extended its gain on the second day in an expectation of tax surcharges cut. On Friday, Spot Nifty open at 11087.90 made a high of 110181.45 low 11062.80 and closed 11109.65. Banknifty open at 28293.65 made high of 28602.75 low 28251.75 closed at 28431.90 and the Sensex open at 37521.30 made high of 37807.55 low 37406.26 closed at 37581.91. The spot Nifty gain 77.20 points, Banknifty gain 321.45 and Sensex gain 254.55 respectively.
The spot Nifty closing positively from two days. Today the Nifty whole day traded in green and almost test the second resistance. As per our last view, the Nifty going up and now, it seems that it will touch the 11300 strong resistance. 11100 will be the decisive level of the Nifty for the coming trading days. If the spot Nifty will trade and sustain below 11100 then it can move downside and above it, the Nifty can move up.
From the above spot Nifty 50 daily chart, it seems that the market will go up and can retest the 11300 resistance again. Technically, the spot Nifty moving towards 11300 but the downtrend will continue. The spot Nifty closes in bullish inverted hammer candle with a small body and long upper shadow. It is shown that the bears were tried to take the market in their hand but the bull was tightened their muscles and took the market up.
For the trading day 13 August 2019, below 11100 the spot Nifty will be a downside and above 11120 will be an upside. Now, the market is highly volatile and trading in this market is highly risky.
Trading range for the Nifty on 13th August 2019
Upside Resistance:- 11175, 11236, 11355.
Downside Support:- 11050, 10975, 10800.
In the Nifty 50, 27 stocks traded in green where only 22 were declined on 09 August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were IBULHSGFIN, HDFCBANK, YESBANK, RELIANCE, HDFC and the quantity were YESBANK, IDEA, NBCC, ASHOKLEY, TATAMOTORS.