On Wednesday the market opened lower and closed negatively. The market was highly volatile and recovered from the lower levels. On the closing bell, the Nifty index ends below 12350, Niftybank index settled above 31800 and the Sensex closed at 41872.73. The nifty index loses around -20 points, Nifty index loses almost -250 points and the Sensex loses -80 points respectively.
Today, the Nifty index opened at 12349.40 went up to 12355.15 and closed at 12343.30 after making a low of 12278.75. The Niftybank index opened at 31994.75 and stayed volatile between 32000 to 31670 and closed at 31825.
As per the last view, ‘if the Nifty index holds above 12345 then further upside rally can be seen till 12390 to 12420 and if the Nifty index breaks and sustains below 12345 then it can fall till 12300 or more’ and the index fell till 12278 once after sustained below 12345.
For the next day trading, if the Nifty index breaks and sustains below 12325 then it can fall till 12280 or more. If the Nifty index breaks above 12375 then further upside rally can be seen in the coming days.
Above is an hourly chart of the Nifty index and it can be seen from the chart that the index has taken support near 12285 and bounced back ends at 12343. Technically, the market is positive but the profit booking can be seen at a higher level due to uncertainty in the market. Momentum indicators are also trading in positive bias. Overall the view is on the positive side. Volatility will remain in the market hence trade cautiously.
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- Suresh Kishachand Khatanhar takes charge as deputy MD of IDBI Bank.
Trading zone for the Nifty index on 16th January 2020
Upside Resistance:- 12375, 12402, 12475.
Downside Support:- 12325, 12295, 12250.
In the Nifty 50, 26 stocks traded in green whereas the 23 was declined and 1 was unchanged on 15th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were INDUSINDBK, YES BANK, RELIANCE, SBIN, TATAMOTORS and the volume-wise were YES BANK, TATAMOTORS, SBIN, INDUSINDBK, GAIL.