On Friday the market opened with a huge gap down and hit a 10% lower circuit hence the trading has been halted for 1 hour. The market was trading in the hands of bears but it was recovered sharply from the low and witnessed the first recovery in a single day. On the closing bell, the Nifty index closed below 10000, Niftybank index closed above 25000 and the Sensex settled above 34100. The Nifty index gains more than 350 points, Niftybank index gains around 1200 points and the Sensex gains more than 1300 points after hitting the lower circuit by the Nifty.
Today, the Nifty index opened at 9107.60 went up to 10159.40 and closed at 9955.20 after making the low of 8555.15. Niftybank index opened at 22720.75 and stayed volatile between 25670.75 to 21351.70 and closed at 25166.45.
As per the last view, ‘if the Nifty index sustains below 9700 then this fall will continue till 9000. On the upside, the Nifty index goes up to 9825 to 10000‘ and today the index opened at 9100 and tank till 8555 later went up to 10160.
For the next trading, if the Nifty index holds above 10025 then it may go up to 10550 to 11150. If the Nifty index breaks 9730 then again it can fall till 9500 to 8950 in the coming trading sessions.
Today the market opened with a huge gap down and hit the lower circuit after more than a decade and trading halt for one hour. The market started recovery after the circuit opened and settled with a green candle. Still, the Nifty index following the weekly uptrend line and today closes above it. Technically, if the Nifty index holds above 10000 then some recovery and bounces back can be expected. The global market scenario is not as good as it should be because of coronavirus which may continue to drag the markets in the coming days.
- HDFC board clear clears investment of Rs 1000 cr in Yes Bank.
- Cabinet approves a 4% increase in dearness allowance.
- Indian Oil Corp declares Rs 4.25 per share interim divedend.
- Kotak Mahindra Bank board approves investment of Rs 500 cr in Yes Bank.
- Alkem Labs gets EIR from USFDA for the Baddi facility.
- NSE facilitates single-largest debt issuance by InvIT.
- Automobile sales skid 19.08% in Feb on the economic slowdown.
- Tata Steel’s committee of directors approves raising Rs 670 cr via NCDs.
Trading zone for the Nifty index on 16th March 2020
Upside Resistance:- 10050, 10550, 11160.
Downside Support:- 9550, 9000, 7950.
In the Nifty 50, 42 stocks traded in green and whereas the only 08 were declined on 13th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, RELIANCE, HDFC BANK, ICICI BANK, HDFC and the volume-wise were YES BANK, SBIN, TATAMOTORS, ONGC, 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.