On Wednesday, the Indian indices opened higher and closed positively. The spot Nifty gains 103.55 points, Banknifty and the Sensex gained 290.10 points and 353.37 points respectively. The market was highly volatile today and traded in the zone of 10990 to 11080. In the second half of the market, we saw profit-booking but the market recovered at the end. The bull has beaten the bears in today’s market.
Today, the spot Nifty opened at 11003.25 and gone up to the second resistance which we gave yesterday i.e. 11078.15 and made low of 10935.60, the spot nifty settled at 11029.40. Banknifty opened at 27885.50 and stayed volatile between 28107.05 and 27726.65 and closed at 28019.20. Sensex opened at 37233.50 and traded between the high of 37473.61 and low of 37000.77 at the end it closed at 37311.53.
Whole day bulls were in their full of energy and took the market up. As per our last view, the spot Nifty touched it’s 11080 resistance (today’s high 11078.15) once crossed 10990. For the spot Nifty, 11015 will be the decisive level for the trading day 16th August 2019. If the spot Nifty will continue to trade above of 11015 then it can move up to 11300. The spot Nifty can move downside if it breaks 11015 and sustains below 11000 up to 10800.
From the above spot Nifty 50 hourly chart, it can be seen that it is gradually moving upside. The spot Nifty going up after taking the support of 10782.75 on the hourly chart. Technically, 10950 is supported on price chart an uptrend line. The market will fall suddenly once 10950 levels are broken then the next support of 10900 and 10800 can be achieved.
Trading zone for 16th August 2019
Upside Resistance:- 11093, 11156, 11300.
Downside Support:- 11000, 10950, 10872.
In the Nifty 50, 37 stocks traded in green whereas only 13 stocks were declined on 14TH August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were , RELIANCE, IBULHSGFIN, YESBANK, BAJFINANCE, HDFCBANK and the volume-wise were YESBANK, IBULHSGFIN, TATAMOTORS, TATASTEEL, SBIN.