On Thursday the market opened flat and settled flat to positive. The market was highly volatile and closed flat made new high. On the closing bell, the Nifty index ends above 12350, Niftybank index settled at 31854 and the Sensex closed above 41900. The Nifty index gains 12 points, Niftybank index gains 29 points and the Sensex gains 60 points each.
Today, the Nifty index opened at 12347.10 went up to 12389.05 and closed at 12355.50 after making a low of 12315.80. The Niftybank index opened at 31810.55 and stayed volatile between 31988.90 to 31692.40 and closed at 31854.
As per the last view, ‘if the Nifty index breaks and sustains below 12325 then it can fall till 12280 or more and if the Nifty index breaks above 12375 then further upside rally can be seen in the coming days’ today the index went up to 12389 and fall till 12315.
For the next day trading, if the Nifty index sustains above 12355 then it can go up to 21425. If the Nifty index breaks and sustains below 12350 then it can fall from 12345 to 12315.
From the hourly chart of the Nifty index, it can be seen that the index is heading below 12375 and taking near support 12280. Currently, the Nifty index is trading in a small range of 12375 to 12280. Technically, the market looks strong it can give new highs in the coming days. MACD, RSI and the Stochastic are positive on an hourly chart. The market stays strong and volatile uncertain move can be seen in the coming days.
- SC dismisses AGR review petitions filed by telecom companies.
- Asian stocks scale record peak on the US-China trade deal.
- FEMA violation case: ED questions to Edelweiss group chairman.
- Govt may impose anti-dumping duty on yarn from China, Indonesia, Vietnam.
- IDBI Bank to meet RBI this week; seeks to exit PCA framework.
- Bose to shut down 119 retail stores across US, Europe, Australia and Japan.
- Malaysia talks to India over palm curbs wider trade dispute looms.
- IOC to decide on bidding for BPCL after govt lays out rules.
Trading zone for the Nifty index on 17th January 2020
Upside Resistance:- 12390, 12425, 12500.
Downside Support:- 12350, 12315, 12280.
In the Nifty 50, 20 stocks traded in green whereas the 29 was declined and 1 was unchanged on 16th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were INDUSINDBK, RELIANCE, SBIN, BHARTIARTL, TCS and the volume-wise were YES BANK, TATAMOTORS, SBIN, BHARTIARTL, GAIL.