Daily Analysis of Stock Market – NIFTY – 18th December 2019

Daily-Analysis-of-Nifty

On Wednesday, the market opened higher and stayed bullish. The market was choppy in the early session later pulled up. On the closing bell, the Nifty index ends above 12200, Niftybank index settled above 32200 and the Sensex closed at 41558.57. The Nifty index gains 56.65 points, Niftybank index gains more than 100 points and the Sensex gains more than 200 points respectively.

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Today, the Nifty index opened at 12197 went up to 12237.70 and closed at 12221.65 after making the low of 12163.45. The Niftybank index opened at 32292.25 and stayed volatile between 32293.65 to 32017.30 and closed at 32244.25.

As per the last view, ‘if the Nifty index holds above 12135 then the upside rally will continue till 12200 to 12250 and if the Nifty index breaks and sustains below 12135 then it can fell till 12085’ and today the index went up to 12237 after making low of 12163.

For the next day trading, ‘if the Nifty index holds above 12160 then the upside rally will continue towards 12350. If the Nifty index breaks below 12200 then it can fall till 12135 to 12075.

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Daily Analysis of Stock Market – NIFTY – 18th December 2019 1

From the above chart, it can be seen that the index moving upside after breaking the downtrend line on the hourly chart. Today the market traded in the hand bulls and settled in green. Technically the market looks positive and the upside rally will continue. Indicators such as MACD, RSI, and Stochastic are in the overbought zone on the hourly chart hence profit booking can be seen on the upper levels.

NEWS HIGHLIGHTS

  • NCLAT restore Cyrus Mistry as the TATA group chairman.
  • Prince Pipes and fittings IPO subscribed to 28% on day one.
  • Bank of Baroda raises Rs 1747 cr by issuing Basel III compliant bonds.
  • L&T finance raises Rs 300 cr via non-convertible preference shares.
  • India restricts the import of gold, silver in powder and unwrought forms.
  • SEBI rejigs committee on investor education and protection.
  • The finance minister asks govt depts/agencies to continue to bank with IDBI.
  • Sugar output drops 35% to 4.58 mn tonne till December 15-ISMA.

Trading zone for the Nifty index on 19th December 2019

Upside Resistance:-    12250, 12285, 12355.

Downside Support:-  12200, 12175, 12135.

Nifty 50

Advances Declines
33 17

In the Nifty 50, 33 stocks traded in green whereas the 17 were declined on 18th December 2019.

Top 5 Nifty Gainer and Loser

Gainer % Loser %
M&M 3.59 TATAMOTORS -2.89
SUNPHARMA 2.51 GAIL -2.09
JSWSTEEL 2.07 GRASIM -1.86
ASIANPAINT 1.98 YESBNAK -1.79
HDFCBANK 1.70 SBIN -1.71

The most active value wise stocks were TCS , TATASTEEL, HDFC, TATAMOTORS, HDFCBANK and the volume-wise were IDEA, YES BANK, TATAMOTORS, TATASTEEL, SAIL.