On Monday the market opened with a huge gap down and closed with losses. The market was traded under the pressure of bears and stayed bearish. On the closing bell, the Nifty index closed below 9200, Niftybank index closed above 23100 and the Sensex settled below 31400. The Nifty index loses more than -750 points, Niftybank index loses more than –2000 points and the Sensex lost more than -2700 points in a single day.
Today, the Nifty index opened at 9587.80 went up to 9602.20 and closed at 9197.40 after making the low of 9165.10. Niftybank index opened at 24061.60 and stayed volatile between 24074.15 to 23008.25 and closed at 23101.15.
As per the last view, ‘if the Nifty index holds above 10025 then it may go up to 10550 to 11150 and if the Nifty index breaks 9730 then again it can fall till 9500 to 8950 in the coming trading sessions’ and today the index sleeps till 9165 after breaking 9730.
For the next day trading if the Nifty index stays above 9325 then it can go up to 9500 to 10195. If the index breaks and sustains below 9000 then again a big fall can be seen till 8000 or more in the coming days.
From the above daily chart of the Nifty index, it can be seen that the index falling sharply from 12200 and went below 9000. The current market scenario is not good globally as the coronavirus has affected most of the region. Now the market is facing slowdown face and the virus fears which is leading it to drag below. Technically the market can take a breath and trade between 10200 to 9000. The market is now trading level-wise and playing sentiment.
- Coronavirus spoils the most debut IPO of SBI Card closes 10% below.
- In February wholesale inflation eases 2.26%.
- Yes Bank customers can avail full banking services from March 19.
- Indian Oil Corporation raises Rs 2995 cr debt to meet capex.
- RBI Guv- RBI stands ready to take measures to counter COVID-19.
- France slaps Apple 1.1 bn euro fine.
- Bajaj Auto launches a BS-IV range of 3 wheelers.
- Alembik Pharma receives four observations from USFDA for the Panelav facility.
Trading zone for the Nifty index on 17th March 2020
Upside Resistance:- 9325, 9500, 9750.
Downside Support:- 9040, 8885, 8445.
In the Nifty 50, only 01 stocks traded in green and whereas as 49 were declined on 16th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were HDFC, RELIANCE, SBIN, HDFC BANK, ICICI BANK, and the volume-wise were YES BANK, SBIN, TATAMOTORS, ONGC, ICICIBANK.
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.