On Monday the market opened flat to positive and stayed bearish, settled in the red. The market was highly volatile and pressurized under sale. On the closing bell, the Nifty index ended above 12000, the Niftybank index settled above 31000 and the Sensex closed at 40979.62. The Nifty index loses more that -65 points, Niftybank loses more around -150 points and the Sensex lost more than -150 points respectively.
Today, the Nifty index opened at 12102.35 went up to 12103.55 and closed at 12031.50 after making a low of 11990.75. The Niftybank index opened at 31248.65 and stayed volatile between 31248 to 30957 and closed above 31000.
As per the last view, ‘ if the Nifty index breaks above 12110 then it can go up to 12165 to 12200 and if the Nifty index breaks 12070 then it will fall further till 12050 to 11980‘ and today the index went up to 12103 and fell till 11990 after breaking 12070.
For the next day trading, if the Nifty index sustains above 12045 then it can go up to 12070 to 12105. If the Nifty index sustains below 12040 and breaks 11990 then it can further till 11955 to 11900.
It as can be seen in the above chart, the Nifty index resisting below 12160. It seems that the Nifty index has been trading in the small range of 12160 to 11990. Technically, the market is trading in a range and consolidating. If the Nifty index breaks and sustains above 12160 then further upside rally can be seen in the coming days. The Nifty index will be bullish above 11990 and it can go up to 12160. Indicators such as MACD, Stochastic, RSI are loosing their downward momentum on the hourly chart. Hence pullback is expected in the coming trading sessions.
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- MRF December’s 2019 consolidated net sales at Rs 4.02 crore on YoY.
- Il&Fs gets govt approval for Rs. 2700 cr claims.
Trading zone for the Nifty index on 11th February 2020
Upside Resistance:- 12070, 12105, 12150.
Downside Support:- 11990, 11900, 11820.
In the Nifty 50, only 10 stocks traded in green and 40 were declined 10th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were TATASTEEL, RELIANCE, UPL, SBIN, ICICBANK and the volume-wise were YES BANK, TATAMOTORS, ONGC, NTPC, TATASTEEL.
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.