On Tuesday the market opened flat to positive and stayed bullish, settled in the green. The market was highly volatile and stayed up. On the closing bell, the Nifty index ended above 12100, the Niftybank index settled just above 31300 and the Sensex regains 41000 and closed at 41216.14. The Nifty index gains more than 75 points, Niftybank gains around 250 points and the Sensex gains more than 200 points respectively.
Today, the Nifty index opened at 12108.40 went up to 12172.30 and closed at 12107.90 after making a low of 12099. The Niftybank index opened at 31230.20 and stayed volatile between 31506 to 31225 and closed above 31300.
As per the last view, ‘if the Nifty index sustains above 12045 then it can go up to 12070 to 12105 and if the Nifty index sustains below 12040 and breaks 11990 then it can further till 11955 to 11900‘ and the index went up to 12172 after making the low of 12099.
For the next day trading, if the Nifty index sustains above 12175 then further upside rally can be seen in the coming days. If the Nifty index sustains below 12125 then it can fall 12090 to 11990.
Above is an hourly chart of the Nifty index which shows that the index is currently trading in a narrow range of 12175 to 11990. The Nifty went till 12170 after taking the support of 11990 as can be seen in the above chart. The market will be highly volatile in the coming trading session. Technically, the market is consolidating and unable to find the direction. Indicators are in consolidation face on the hourly chart. For the further upside rally, the Nifty index should hold above 12175.
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Trading zone for the Nifty index on 12th February 2020
Upside Resistance:- 12126, 12175, 12200.
Downside Support:- 12090, 12050, 11990.
In the Nifty 50, 39 stocks traded in green and 11 were declined 11th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, RELIANCE, TATASTEEL, TATAMOTORS, HDFCBANK and the volume-wise were YES BANK, TATAMOTORS, GAIL, SBIN, ITC.
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.