On Monday the market opened with a huge gap down and sleeps further and the Nifty fell below 10300 in the fear of coronavirus. The market was stayed bearish during the trading session and closed in the red. On the closing bell, the Nifty index closed below 10500, Niftybank index closed below 26500 and the Sensex settled above 35500. The Nifty index loses around -550 points, Niftybank index loses more than -1300 points and the Sensex lost around -2000 points the biggest fall in a single day.
Today, the Nifty index opened at 10742.05 went up to 10751.55 and closed at 10451.45 after making the low of 10294.45. Niftybank index opened at 27031.45 and stayed volatile between 27091.60 to 25923.40 and closed at 26462.60.
As per the last view, ‘if the Nifty index holds above 10950 then it can go up to 11090 to 11250 and if the Nifty index sustains below 10950 then again it can fall towards 10800 to 10600‘ and today the index opened below 10950 and sleeps below 10300.
For the next day trading, if the Nifty index breaks and sustains below 10300 then again the fall will continue and the Nifty can fall below 10000. If the Nifty index holds above 10300 then it can go up to 10600 to 10700 in the coming days.
From the above daily chart, it can be seen that the Nifty index not only broken the support of 10600 to 10670 but also closes below it. Technically, the market especially the Nifty index closed below the major support of 10600 which suggesting the big fall is still there. The market may continue its fall in the coming days. The global market is also under pressure falling every day. Today the market sell-off with heavy volume which is not a good sign for the market.
- US Treasury yields hit new lows, set for biggest falls in years.
- IEA warns oil producers against playing ‘Russian roulette’.
- SEBI allows non-bank custodians to manage gold related instruments.
- SMS Pharma share price rises 13% after USFDA completes inspection with zero observation.
- Hikal share price slips after MPCB notice to close the Mahad unit.
- SGX posts record derivative volumes in February.
- NTPC extends the deadline to snap power of defaulting discoms till March 17.
- NCLAT upholds CCI order on Adani Gas for abuse of dominant position.
Trading zone for the Nifty index on 11th March 2020
Upside Resistance:- 10500, 10700, 11950.
Downside Support:- 10250, 10040, 9580.
In the Nifty 50, only 04 stocks traded in green and whereas 46 were declined on 09th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, SBIN, ICICI BANK, HDFC BANK, BPCL and the volume-wise were YES BANK, SBIN, ONGC, TATAMOTORS, NTPC.
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.