On Friday the market opened higher and settled in green. Eventually, the market stayed positive during the day, where the public sector banks lead. On the closing bell, the Nifty index holds the near support 11850, Niftybank index settled above 31000 and the Sensex closed at 40356. The Nifty index gains 23.35 points, Niftybank index gains more than 250 points and the Sensex gains 70 points each.

Today, the Nifty index opened at 11904.20 went up to 11973.65 and closed at 11895.45 after making the low of 11879.25. The Niftybank index opened at 30912.40 and stayed volatile between 31165.45 to 30860.70 and closed at 31008.40. Sensex opened at 40408.20 made a high of 40650.06 low 40308.09 and closed at 40356.69.

As per the last view, ‘if the Nifty index breaks above 11905 and sustains then further upside rally can be seen and if the Nifty index breaks below 11800 then again it can fall till 11720 or more’ and today index opened near 11905 and went up to 11973.65 during the day.

For the next day trading, if the Nifty index holds above 11910 then it can further move up till 12000 to 12045. If the Nifty index breaks and sustains below 11900 then again it can fall towards 11850 to 11800.

Above is the hourly chart of the Nifty index. From the chart above it can be seen that the Nifty index is trading in the range of 11800 to 12000. The recent break down of 11850 support seems to be ignored by the bulls and the market bounced back above 11900. Today the market opens a gap up breaking a small downtrend line which suggests that the market is still bullish. From the chart, it can be seen that the Nifty index residing below 11975. Breaking above 11975 and closing above 11940 on hourly will take the market upside. Indicators such as MACD, Stochastic and RSI seem to be positive to consolidating. Technically, the market looks positive but it can give unexpected moves any time during the trading session.

NEWS HIGHLIGHTS

  • LIC’s equity investment in FY20 likely to reach above Rs. 70,000 cr, an all-time high.
  • SC holds Singh brothers guilty of contempt in Daiichi Sankyo case.
  • L&T MF CIO Soumendra Nath Lahiri resigns.
  • CBIC refutes reports of authorities seeking 18% GST levy on CEO, CXO salaries.
  • Ministry of corporate affairs notifies IBC rules 2019.
  • Kwality insolvency: NCLT directs lenders to consider Haldiram’s snack revised offer of Rs 145 cr.
  • ICICI BANK to organise 2000 loan camps across India.
  • Blackstone invests Rs 1750 cr in Future Lifestyle Fashions and its holding company.
  • Vodafone Idea debt papers in 36 schemes, time to reflect on fair value NAV for MF.
  • Essar Steel insolvency: Supreme Court sets aside NCLAT judgment, gives upper hand to banks.

Trading zone for the Nifty index on 18th November 2019

Upside Resistance:-    11916, 11975, 12010.

Downside Support:-  11850, 11800, 11720.

Nifty 50

Advances Declines
19 31

In the Nifty 50, 19 stocks traded in green whereas the 31 were declined on 15th November 2019.

Top 5 Nifty Gainer and Loser

Gainer % Loser %
INFRATEL 9.71 IOC -3.87
BHARTIARTL 9.24 HEROMOTOCO -1.94
SBIN 5.54 BPCL -1.87
ZEEL 3.90 MARUTI -1.48
GRASIM 3.05 VEDL -1.32

The most active value wise stocks were SBIN, BHARTIARTL, ICICIBANK, RELIANCE, YESBANK and the volume-wise were IDEA, YESBANK, SBIN, BHARTIARTL, ASHOKLEY.