The market closed today with third straight day gains. On Tuesday the market opened higher and settled in green. On the closing bell, The Nifty index closed above 11400, Niftybank index holds above 28550 and Sensex settled above 38500. The Nifty index gains 87.15 points, Niftybank index gains 373.15 points and Sensex up 291.62 points.
Today, the Nifty index opened at 11360.85 went up to 11462.35 and closed at 11428.30 after making the low of 11342.10. The Niftybank index opened at 28257.85 and stayed volatile between 28694.85 to 28186.25 and closed at 28555.10. Sensex opened at 38316.49 made a high of 38635.19 low 38238.27 and closed at 38506.09.
As per our last view, ‘if the stays above 11400 then it can move up to 11500 to 11600 and if the Nifty index breaks below 11285 the again it can fell towards 11190’ today the index stayed above 11400 and went up to 11462.
For the next day trading, if the Nifty index holds above 11400 then it can go up to 11550 to 11600. If the Nifty index breaks and sustains below 11400 then it fell towards 11300.
Above is a Nifty index hourly chart. From the chart above it can be seen that the Nifty index has a broken downtrend line and moving up. It can also be seen that the index broked its near resistance of 11400 and today closed above it. Technically, the market looks positive and it can move up in the coming days. From the chart, it also can be seen that the Nifty index is moving above up by following the uptrend line. The index will stay up till it not break the uptrend line.
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Trading zone for the Nifty index on 16th October 2019
Upside Resistance:- 11480, 11530, 11600.
Downside Support:- 11400, 11360, 11290.
In the Nifty 50, 41 stocks traded in green whereas the only 9 were declined on 15th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, BANDHANBN, HINDUNLVR, INFY, RBLBANK, MARUTI and the volume-wise were YESBANK, IDEA, BANDHANBNK, TATAMOTORS, SAIL.
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.