On Tuesday the market opened with a gap up but unable to holds it and closed with losses. The market was trading on the higher side but in the last session, profit booking started hence fallen sharply under the fear of coronavirus. On the closing bell, the Nifty index closed below 9000, Niftybank index closed above 22000 and the Sensex settled below 31000. The Nifty index loses more than -200 points, Niftybank index loses around –950 points and the Sensex lost more than -800 points in a single day.
Today, the Nifty index opened at 9285.40 went up to 9403.80 and closed at 8967.05 after making the low of 8915.60. Niftybank index opened at 23348.05 and stayed volatile between 23449.50 to 22002 and closed at 22155.15.
As per the last view, ‘if the Nifty index stays above 9325 then it can go up to 9500 to 10195 and if the index breaks and sustains below 9000 then again a big fall can be seen till 8000 or more in the coming days’ and today the index went up to 9404 and sleeps till 8915 after breaking 9000.
For the next trading, if the Nifty holds above 9100 then it can go up to 9400. If the Nifty index sustains below 9000 then it can sleep further till 8000 even more.
The whole world has been affected by the coronavirus. The fear factor of the virus dragging the markets down every day globally. from the above chart, it can be seen that most of the time the market opens in the gap down close negatively. Today the Nifty index closes below its important support of 9000 which signing the more downfall is awaiting. Technically, the Nifty index can go up to 9400 on the higher side. The selling will continue in the coming days.
- Sun Pharma board approves Rs. 1700 cr share buyback offer.
- Moody’s lowers India’s GDP growth forecast to 5.3% in 2020.
- Rs. 2000 crore missing from Coffee Day’s accounts.
- SEBI bans paramount Printpackaging, officials from markets for five years for IPO fund diversion.
- NMDC slashes iron ore prices by Rs 50 per tonne.
- Grasim Industries’ share price sleeps on the CCI penalty.
- FADA approaches SC seeking an extension of sale, registration of BS-IV vehicles till May end.
- IOC plans LPG bottling plants in Mizoram.
Trading zone for the Nifty index on 18th March 2020
Upside Resistance:- 9100, 9275, 9500.
Downside Support:- 8900, 8785, 8600.
In the Nifty 50, 16 stocks traded in green and whereas 34 were declined on 17th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, HDFC BANK, ICICI BANK, SBIN, INDUSINDBK, and the volume-wise were YES BANK, TATAMOTORS, SBIN, ITC, 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.