On Tuesday the market opened lower and stayed bearish, settled in the red. The market was sell-off and fallen sharply. On the closing bell, the Nifty index ended below 12000, the Niftybank index settled above 30500 and the Sensex closed near 40900. The Nifty index loses more than -50 points, Niftybank loses more than –100 points and the Sensex loses over –150 points each.
Today, the Nifty index opened at 12028.25 went up to 12030.75 and closed at 11992.50 after making a low of 11908.05. The Niftybank index opened at 30661.50 and stayed volatile between 30692.75 to 30252.45 and closed at 30562.50.
As per the last view, ‘if the Nifty index breaks below 12037 then it can fall 12000 to 11955 and if the Nifty index holds above 12080 then it can go up to 12125 to 12205‘ and the index fell till 11908 after breaking 12037.
For the next trading, if the Nifty index holds above 11975 then it can go up to 12045 to 12100. If the Nifty index breaks 11900 then it can fall sharply towards 11845 to 11750.
Today the market was sell-off and fallen sharply but at the last trading session the market recovered and where the Nifty index recovers almost 85 points from its low. The market is facing selling pressure because of global tens and coronavirus. The market especially the Nifty has broken the level of 12000 and settled below it. The market will remain under pressure of the global market and the uncertainty volatility will continue to remain in the market. Technically, the market can bounce from this level and few upside rallies can be expected. On the hourly chart momentum indicators are losing their downside momentum hence the market can move from this level.
- HSBC announces job cuts and radical overhaul as profit slide.
- Hero Motocorp to inject Rs 10000 crore, more on new models for global expansion.
- All Asian market slips after Apple warns on the virus impact.
- GoAir plane aborts take-off engine catches fire.
- Indian industries seek cut in import duties to tackle disruption due to coronavirus.
- IOB raise the lending target for home, MSMSE loan.
- EESL ties up with BSNL to set up 1000 EV charging stations.
- Moody’s lower Apac growth for 2020 to 5.2%.
Trading zone for the Nifty index on 19th February 2020
Upside Resistance:- 12050, 12110, 12200.
Downside Support:- 11975, 11900, 11850.
In the Nifty 50, 20 stocks traded in green and 29 were declined one was unchanged on 18th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were INDUSINDBK, SBIN, BHARTIARTL, ICICI BANK, TATAMOTORS and the volume-wise were YES BANK, TATAMOTORS, SBIN, ONGC, NTPC.
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.