On Thursday, the market opened lower and traded under pressure. The market was highly volatile and stayed in the hands of bears. On the closing bell, The Nifty index closed below 11300, Niftybank amid hold 28000 and Sensex settled below 37900. The Nifty, Niftybank index and Sensex lose –78.75, –772.40 and –297.55 points each.
Today, the Nifty index opened at 11280.50 went up to 11293.35 and closed at 11234.55 after making the low of 11208.55. The Niftybank index opened at 28542.95 and stayed volatile between 28552.75 to 27914.15 and closed at 28013.45. Sensex opened at 38130.23 made a high of 38130.23 low 37802.93 and closed at 37880.40.
As per our last view, ‘if the Nifty index stays above 11245 then it can move up to 11400 an if the Nifty index breaks and sustains below 11240 then again it can fell towards 11085’ and today the market opened in the gap down. The index went up to 11293 after crossing 11245 and fell till 11208 after breaking the 11240.
For the next day trading, if the Nifty index stays above 11245 then it can go up to 11300 to 11400. If the Nifty index breaks and sustains below 11200 then further downside level can be seen in the coming days.
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 opened lower and breaks the 11225 support and try to hold the same. Technically, the index is trading below the downtrend and resistance also breaking its supports, indicating weakness. The index opened lower from its last closing and negative during the trading session. It is trying to hold the 11200 support for the short term and wants to move up to 11400.
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Trading zone for the Nifty index on 11th October 2019
Upside Resistance:- 11245, 11300, 11390.
Downside Support:- 11200, 11150, 11075.
In the Nifty 50, 15 stocks traded in green whereas the 35 were declined on 10th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, RELIANCE, BHARTIARTL, INDUSINDBK, IBULHSGFIN, SBIN and the volume-wise were IDEA, YESBANK, IBULHSGFIN, BHARTIARTL, ASHOKLEY.
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.