On Tuesday, 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 tumbles 642 points, the Nifty index ends below 10850 and Niftybank index loses 723 points.
Today, the Nifty index’s opened and high remains the same as 11000.10 and closed at 10817.60 after making the low of 10796.50. The Niftybank index opened at 27765.10 and stayed volatile between 27851.40 to 27047.95 and closed at 27131.75. Sensex opened at 37169.46 made a high of 37169.56 low 36419.09 and closed at 36481.09.
As per our last view, ‘if the Nifty index sustains below 11000 then it can fall till 10950 to 10875 and if the Nifty index breaks up and sustain above 11010 then again it can spurt till 11055 to 11100’ and today Nifty index opened below 11010 and felled till 10796 after breaking the 11000.
For the next trading day, if the Nifty index breaks above 10875 then it can go up to 10900 to 11000. If the Nifty index remains below 10870 then it can fall towards 10750 to 10645.
From the above chart it can be seen that the Nifty index breakdown the triangle chart pattern. The Nifty index continues trading below the major resistance of 11150 and breaking supports.
Today the market breakdown the pattern with a long bearish candle, suggesting big fall. Technically, the market looks weak and can fall further in the coming days. Indicators like MACD, Stochastic and RSI not showing bull’s interests. The market is now uncertain and remains highly volatile, hence trade accordingly and stay updated.
Trading zone for the Nifty index on 18th September 2019
Upside Resistance:- 10875, 10950, 11100.
Downside Support:- 10800, 10740, 10600.
In the Nifty 50, only 06 stocks traded in green whereas the 44 were declined on 17th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, HDFC, AXISBANK, MARUTI, YESBANK, RELIANCE and the volume-wise were YESBANK, TATAMOTORS, SBIN, ICICIBANK AXISBANK.
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.