On Wednesday, the market was highly volatile and moved uncertainly. The Nifty index and Sensex settled positive but the Niftybank index closed in negative. Today the insurance companies were on top gainers in the market. On the closing bell, The Nifty index hold above 11450, Niftybank index settled above 28500 and Sensex hold near 38600. The Nifty index gains 35.70 points and Sensex gains 93 points whereas the Niftybank index loses –16.30 points.
Today, the Nifty index opened at 11464.95 went up to 11481.05 and closed at 11464 after making the low of 11411.10. The Niftybank index opened at 28689.45 and stayed volatile between 28759.35 to 28305.40 and closed at 28538.80. Sensex opened at 38637.05 made a high of 38666.38 low 38416.67 and closed at 38600.
As per our last view, ‘if the Nifty index holds above 11400 then it can go up to 11550 to 11600 and if the Nifty index breaks and sustains below 11400 then it fell towards 11300’ today the index holds above 11400 and went up to 11481.
For the next day trading, if the Nifty index holds 11410 then it will move the positive side. If the Nifty index breaks 11410 then again it can fall 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 above it can be seen that if the Nifty index breaks above 11482 then it will go up to 11550. It can also bee seen that if the index breaks down the uptrend line then it will fall again. Technically maket looks strong and positive.
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Trading zone for the Nifty index on 17th October 2019
Upside Resistance:- 11495, 11525, 11590.
Downside Support:- 11450, 11400, 11380.
In the Nifty 50, 30 stocks traded in green whereas the 19 were declined and one unchanged on 16th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, ICICIGI, RELIANCE, BPCL, BAJFINANCE, IBULHSGFIN and the volume-wise were IDEA, YESBANK, FEDERALBNK, IBULHSGFIN, ASHOKLEY.
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.