On Wednesday the market opened with a gap up but unable to holds it and closed in the red. The market was trading on the higher side but in the later started falling sharply under the fear of coronavirus. On the closing bell, the Nifty index closed below 8500, Niftybank index closed above 20500 and the Sensex settled below 29000. The Nifty index loses around -500 points, Niftybank index loses more than -1500 points and the Sensex lost more than -1700 points in a single day.
Today, the Nifty index opened at 9088.45 went up to 9127.55 and closed at 8468.80 after making the low of 8407.05. Niftybank index opened at 22411.85 and stayed volatile between 22544.05 to 22002 and closed at 22580.20.
As per the last view, ‘if the Nifty holds above 9100 then it can go up to 9400 and if the Nifty index sustains below 9000 then it can sleep further till 8000 even more’ today the market has fallen and the Nifty index fell till 8400 after sustaining below 9000.
For the next trading, if the Nifty index sustains below 8500 then the fall will continue and it can fall towards 8000. If the market will cover then the Nifty index may go up to 9000.
From the above chart, it can be seen that most of the market opening in the gap up from the last two days but unable to hold it and closes negatively. The whole world has been affected by the coronavirus and the global market is facing the same problem hence the stock markets losing worldwide nowadays. Today the Nifty index closes below its one of the important support of 8500 which signing the more downfall is awaiting.
- RBI to buy Rs 10,000 cr of govt dated securities on March 20.
- Govt may cut the rate on small savings schemes in the next quarter.
- Infosys may vacate the Mysuru training campus, arrange virtual classes.
- US crude hits 17 years low as the lockdown.
- Larsen & Toubro Board declares an interim dividend.
- Vistara temporarily suspends international operations between march 20-31.
- ECB lends banks $112 billion to ease funding stress.
- Google Cloud appoints Karan Bajwa as India MD.
Trading zone for the Nifty index on 19th March 2020
Upside Resistance:- 8670, 8930, 9400.
Downside Support:- 8200, 7950, 7225.
In the Nifty 50, only 06 stocks traded in green and whereas 44 were declined on 18th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were INDUSINDBK, HDFC BANK, YES BANK, ICICI BANK, SBIN and the volume-wise were YES BANK, ONGC, SBIN, NTPC, INDUSINDBK.
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.