On Monday, the Nifty index, Niftybank index, and Sensex opened lower. The market was highly volatile and stayed lower during the day. On the closing bell, Sensex fell 262 points, the Nifty index closed above 11000 and Niftybank index settled with the loss of 244 points.
Today, the Nifty index opened at 10994.85 went up to 11052.70 and closed at 11003.50 after making the low of 10968.20. The Niftybank index opened at 27868 and stayed volatile between 28066.70 to 27798.85 and closed at 27855. Sensex opened at 37204.56 made a high of 37302.06 low 37028.94 and closed at 37123.31.
As per our last view, ‘if the Nifty index sustains below 11035 then it can fall again till 11020 to 10945 and if the Nifty index breaks up and sustain above 11082 then again it can spurt till 11145 to 11181’ and today the market opened gap down and fell till 10968 on the lower side.
For the next trading day, if the Nifty index sustains below 11000 then it can fall till 10950 to 10875. If the Nifty index breaks up and sustains above 11010 then again it can spurt till 11055 to 11100.
Above chart showing that the Nifty index is under the formation of the ascending triangle. Technically, the market would consolidate between 11145 to 10900. Now the breakout or break down of this triangle will decide the direction of the market. For the Nifty index 10945 is near support and 11085 is resistance. The market is facing global factors such as slow down global economics, trade war.
Trading zone for the Nifty index on 17th September 2019
Upside Resistance:- 11010,11055, 11100.
Downside Support:- 11000, 10963, 10850.
In the Nifty 50, only 14 stocks traded in green whereas the 36 were declined on 16th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, RELIANCE, BPCL, MARUTI, YESBANK, HDFC and the volume-wise were YESBANK, TATAMOTORS, BPCL, IOC, GAIL.