On Wednesday, the market not only opened negative but also settled in negative. The market stayed highly volatile and traded one side. On the closing bell, the Nifty index ends below its important support of 11850, Niftybank holds 30500 and the Sensex closed above 40100. The Nifty index loses –73 points, Niftybank loses –574 points and Sensex loses –230 points. Yes Bank, Adani port, Gail amongst the top loser in the market.
Today, the Nifty index opened at 11908.30 went up to 11946.80 and closed at 11840.45 after making the low of 11823.20. The Niftybank index opened at 31084.75 and stayed volatile between 31198.50 to 30488.10 and closed at 30541.55. Sensex opened at 40346.43 made a high of 40447.17 low 40061.23 and closed at 40116.06.
As per the last view, ‘if the Nifty index stays and hold above 11850 then the market will go up towards 12000 or more and if the Nifty index breaks and sustains below 11850 then the market will fall till 11720’ and today the market not just breaks 11850 but closed below it.
For the next day trading if the Nifty index sustains below 11850 then further it can fall towards 11800 to 11720. If the Nifty index sustains above 11935 and breaks 11950 then it can move up till 12020 to 12150.
From the above Nifty index chart, it can be seen that it was moving up following an uptrend line on the hourly chart. Today the index not only uptrend line but also breaks 100-day moving averages and settles below this. The index tried to hold the near support of 11850 but the bears broke this support. Today the banking sector including both Public sectors and private sectors were the main reason for falling the market in which SBIN, Union Bank, Bank of Baroda and Axis Bank, Yes Bank ICICI Bank were the main losers of the index. Technically, the market remains unpredictive and highly volatile in the coming days. It seems that the market stays somewhere bearish but can be pulled back at any time.
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Trading zone for the Nifty index on 14th November 2019
Upside Resistance:- 11870, 11925, 12115.
Downside Support:- 11800, 11745, 11625.
In the Nifty 50, only 10 stocks traded in green whereas the 39 were declined and 1 was unchanged on 13th November 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were YESBANK, RELIANCE, ICICIBANK, IBULHSGFIN, SBIN and the volume-wise were YESBANK, IDEA, DISHTV, RCOM, SPTL.