On Wednesday, the market opened higher and stayed up. The market regains its loses and settled in positive. On the closing bell, the Nifty index ends above 11300, Niftybank index surged and closed at 28785.85 and Sensex settled at 38177.95. The Nifty, Niftybank index and Sensex gains 187, 1018.30 and 646 points each.
Today, the Nifty index opened at 11152.95 went up to 11321.60 and closed at 11313.30 after making the low of 11090.15. The Niftybank index opened at 27901.65 and stayed volatile between 28857.70 to 27702.05 and closed at 28785.85. Sensex opened at 37628.05 made a high of 38209.84 low 37415.83 and closed at 38177.95.
As per our last view, ‘if the Nifty index breaks and holds 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’ and today the index sleeps till 11090 and went above 11300 after the break out of 11160.
For the next day trading, ‘if the Nifty index stays above 11245 then it can move up to 11400. If the Nifty index breaks and sustains below 11240 then again it can fell towards 11085.
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, sleeps till 11090. The index bounced back after testing the support of 11090 and break out the near resistance of 11235. It seems that the market will be positive and the Nifty index can go up to the nest resistance of 11400. Technically, the index is trading below the downtrend and resistance also breaking its supports indicating weakness. It seems that the Nifty index can test its near resistance of 11400 soon.
- GOVT may bring a revised FRDI bill.
- Dearness allowance increased by 5%
- IMF chief says the effect of global slowdown ‘more pronounced in India’.
- SBI cuts non-repo linked loans by 10 basis points.
- LIC refutes wealth erosion rumors, says it is in sand financial health.
Trading zone for the Nifty index on 10th October 2019
Upside Resistance:- 11400, 11475, 11700.
Downside Support:- 11240, 11150, 11000.
In the Nifty 50, 38 stocks traded in green whereas the only 12 were declined on 09th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, SBIN, ICICIBANK, YESBANK, RELIANCE and the volume-wise were YESBANK, IDEA, SBIN, ASHOKLEY, TATAMOTORS.