On Thursday, the market opened higher and moved and closed in green. On the closing bell, the Nifty index closed below 11600, Niftybank index stayed above 28900 and Sensex hold the 39000. The Nifty index gains 122.35 points, Niftybank index gains 450 points and Sensex gains more than 450 points.
Today, the Nifty index opened at 11466.30 went up to 11599.10 and closed at 11586.35 after making the low of 11439.65. The Niftybank index opened at 28596.35 and stayed volatile between 29050 to 28487.95 and closed at 28989.45. Sensex opened at 38647.44 made a high of 39104.69 low 38557.43 and closed at 39052.06.
As per our last view, ‘if the Nifty index holds 11410 then it will move positive side and if the Nifty index breaks 11410 then again it can fall towards 11300’ and today index stayed above 11410 and test the resistance of 11600 after making the low of 11439.
For the next trading day, if the Nifty index breaks and stay above 11600 then it can go up to 11650 to 11700. If the Nifty index breaks below 11480 then it falls till 11400.
From the above chart, It can also be seen that the index broked its near resistance of 11500 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 11600 then it can go up 11700 to 12000 in the coming days.
Today Yes Bank, TATAMOTORS, EICHERMOT BAJAJ-AUTO, SBIN amongst the top gainers oh the index.
- JP home buyer case- HC hits pause on revised NBCC bid to consider a challenge to NCLAT order.
- UK Prime Minister signaled approval of the Brexit deal.
- GOVT looks to cut its stake in BHEL and NMDC.
- SEBI board may consider hiking the PMS investment limit to Rs.50 lakh.
- PMC Bank scam – HC sends ex-MD joy Thomas to 14 days of judicial custody.
- IAG to sell 26% stake in SBI General to Premji Invest.
Trading zone for the Nifty index on 18th October 2019
Upside Resistance:- 11650, 11700, 11860.
Downside Support:- 11540, 11480, 11380.
In the Nifty 50, 35 stocks traded in green whereas the 15 were declined unchanged on 17th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, IDEA, IBULHSGFIN, TATAMOTORS, SBIN and the volume-wise were YESBANK, IDEA, IBULHSGFIN, TATAMOTORS, SBIN.
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.