On Thursday, the Nifty index, Niftybank index, and Sensex were opened with a gap up. The bulls were maintained the market up but later bears strengthen their muscles and bit them. Today the Nifty index and Sensex closed negatively while the Niftybank index settled in green. Nifty index and Sensex lost –52.90, –166.54 points and Niftybank index gained 42.30 points respectively.
Today, the Nifty index opened at 11058.30 went up to 11081.75 and closed at 10982.80 after making a low of 10964.95. The Niftybank index opened at 27870.80 and stayed volatile between 28062.30 to 27764.70 and closed at 27818.50. Sensex opened at 37330.47 made a high of 37435.15 low 37048.67 and closed at 37104.28.
As per our last view, ‘if the Nifty index breaks and sustain below 11020 then it can fall till 11000 to 10950 and if the Nifty index stays above 11050 then it can move up to 11100 to 11181’ the market today went up to 11081.75 and fall till 10964.95 after breaking the 11020.
For the next trading day, if the Nifty index sustains below 10960 then it can fall towards 10900 to 10890. If the Nifty index breaks up and sustains above 11020 then again it can spurt till 11081 to 11150.
As per our view that is ‘the bears are ready to take the market in their hands’ and today the market fell sharply. As the chart above it can be seen that the Nifty index breaks down the upward moving channel. The Nifty also break down the support of 11020. Breaking of support and upward channel are showing the trend changes. The negative crossing and diversions of MACD are suggesting the weakness of the market.
The market will remain highly volatile and uncertain.
Trading zone for the Nifty index on 13th September 2019
Upside Resistance:- 11020, 11055, 11150.
Downside Support:- 10960, 10890, 10800.
In the Nifty 50, only 15 stocks traded in green whereas the same 35 were declined on 12th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, MARUTI, HDFCBANK, TATAMOTORS, , IBULHSGFIN and the volume-wise were YESBANK, TATAMOTORS, SBIN, IBULHSGFIN, ICICIBANK.
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.