On Friday the market opened flat to positively and stayed bearish, settled in the red. The market was sell-off after the AGR news on Tele companies by the Supreme Court. On the closing bell, the Nifty index ended above 12100, the Niftybank index settled below 31000 and the Sensex closed below 41300. The Nifty index loses more than -50 points, Niftybank loses around -400 points and the Sensex loses over -200 points each.
Today, the Nifty index opened at 12190.15 went up to 12246.70 and closed at 12113.45 after making a low of 12091.20. The Niftybank index opened at 31281.85 and stayed volatile between 31436.65 to 30776.10 and closed at 30834.80.
As per the last view, ‘if the Nifty index breaks above 12232 then it can go up to 12265 to 12350 and if the Nifty index breaks below 12135 then again it can fall towards 12100‘ and today the market went up to 12246.70 but later it fell till 12090 and broked 12135 after the AGR news on telcos by the Supreme Court.
For the next day trading, if the Nifty index breaks above 12150 then it can go up to 12210 to 12300. If the Nifty index breaks and sustains below 12100 then it will fall towards 12000.
From the above chart, it can be seen that the Nifty index trading in a range of 11990 to 12200. The index is going up by taking the support of 11990 and currently, it is 12100 is supporting the index. Currently, the market is trading on a news base and moving uncertainly in any direction. Momentum indicators are losing their momentum on the hourly chart. The market will remain highly volatile and uncertain.
- Supreme Court slams telco for holding payment, sets March 17 as deadline to clear AGR dues.
- January Wholesale Price inflation at 3.1%.
- Maruti launches BS-VI compliant CNG variant of WagonR.
- Three brokers declare defaulters by the NSE, expel from membership.
- DoT withdraws order that asked for no coercive action against defaulting telcos.
- Adani Group, AAI ink pact for managing three airports.
- Manappuram Finance gets the board’s nod for raising up to Rs 1150cr.
- SpiceJet Q3 profit jumps 21%, revenue grows 47%.
Trading zone for the Nifty index on 17th February 2020
Upside Resistance:- 12150, 12210, 12305.
Downside Support:- 12050, 11990, 11840.
In the Nifty 50, 33 stocks traded in green and 16 were declined 14th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were BHARTIARTL, SBIN, RELIANCE, INDUSINDBK, TATAMOTORS and the volume-wise were YES BANK, TATAMOTORS, SBIN, BHARTIARTL, GAIL.
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.