On Monday the market opened positively and stayed bearish, settled in the red. The market was sell-off and fallen sharply. On the closing bell, the Nifty index ended below 12050, the Niftybank index settled below 31000 and the Sensex closed near 41000. The Nifty index loses around -70 points, Niftybank loses more than –150 points and the Sensex loses over –200 points each.

Today, the Nifty index opened at 12131.80 went up to 12159.60 and closed at 12045.80 after making a low of 12037. The Niftybank index opened at 30873.85 and stayed volatile between 30998.15 to 30630.50 and closed at 30680.70.

As per the last view, ‘if the Nifty index breaks above 12150 then it can go up to 12210 to 12300 and if the Nifty index breaks and sustains below 12100 then it falls towards 12000‘ and today the index went up to 12159.60 and fell till 12037 after breaking 12100.

For the next day trading, if the Nifty index breaks below 12037 then it can fall 12000 to 11955. If the Nifty index holds above 12080 then it can go up to 12125 to 12205.

The Nifty has broken the near support and closed below it, as in the chart above. The Nifty is currently trading in a range of 12000 to 12200. The indicators like RSI and Stochastics are in oversold zone and the MACD is losing downside momentum on the hourly chart. The market will remain highly volatile and uncertain. The Nifty index may bounce back from 11990 in the coming trading session and can move up to 12200.

NEWS HIGHLIGHTS

  • LIC says no proposal to merge Housing Finance arm with any other entity.
  • SEBI tightens norms for investment advisory services, unveils ‘regulatory sandbox’.
  • Motilal Oswal raises the Bhartiartl price target to Rs. 650/-.
  • Alphageo share price rises 19% on Rs. 128 crore orders.
  • Telecom AGR crisis – RBI closely monitoring developments.
  • About Rs 30000 crore tenders canceled to promote Make In India product.
  • VEDL to deploy GE’s digital smelter solutions at an aluminum plant in Odisha.
  • CCI approves the acquisition of WABCO Holding by ZF Friedrichshafen AG.

Trading zone for the Nifty index on 18th February 2020

Upside Resistance:-  12080, 12125, 12205.

Downside Support:-  12037, 12000, 11955.

Nifty 50

AdvancesDeclines
1931

In the Nifty 50, 19 stocks traded in green and 31 were declined on 17th February 2020.

Top 5 Nifty Gainer and Loser

Gainer%Loser%
TITAN1.73YESBANK-3.98
GAIL1.59COALIND-3.81
NESTLEIND1.58ONGC-3.19
VEDL0.85CIPLA-3.10
TCS0.82BPCL-3.09

The most active value-wise stocks were BHARTIARTL, INDUSINDBK, SBIN, RELIANCE, HDFCBANK and the volume-wise were YES BANK, SBIN, ONGC, TATAMOTORS, BHARTIARTL.