On Friday the market opened negatively and settled flat. The market was highly volatile and closed flat made new high. On the closing bell, the Nifty index ends above 12350, Niftybank index settled below 31600 and the Sensex closed at 41945. The Nifty and the Niftybank index loses -3.15 and –263 points, whereas the Sensex gains 12.81 points.
Today, the Nifty index opened at 12328.40 went up to 12385.45 and closed at 12352.35 after making a low of 12321.40. The Niftybank index opened at 31571.65 and stayed volatile between 31773.55 to 31445.50 and closed at 31590.65.
As per the last view, ‘if the Nifty index sustains above 12355 then it can go up to 21425 and if the Nifty index breaks and sustains below 12350 then it can fall from 12345 to 12315‘ and today the market was choppy and the index went up to 12385 and made a low of 12321.
For the next day trading, if the Nifty index sustains above 12375 then it can go up to 21390 to 12420. If the Nifty index sustains below 12350 then it can fall till 12320 or more.
The Nifty index is trading in a triangle form as can be seen in the above chart. Breaking of this candle either upside or downside will decide the further trend of the Nifty index in the coming days. The index is trading in a very narrow range of 12300 to 12385 from 2 to 3 days. Technically, the market is strong but the market is currently uncertain hence profit booking can be seen on upper levels.
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Trading zone for the Nifty index on 20th January 2020
Upside Resistance:- 12385, 12415, 12480.
Downside Support:- 12320, 12290, 12225.
In the Nifty 50, 21 stocks traded in green whereas the 28 was declined and 1 was unchanged on 17th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were BHARTIARTL, RELIANCE, SBIN, INDUSINDBK, HDFCBANK and the volume-wise were YES BANK, BHARTIARTL, SBIN, INFRATEL, ICICBANK.