On Friday, the Sensex opened positive whereas the Nifty and Niftybank index opened negatively. The market stayed highly volatile and settled with six straight day gains on weekend. On the closing bell, the Nifty index stayed above 11650, Niftybank holds above 29100 and Sensex settled near 39300. Today the Nifty index gains 75.50 points, Niftybank index gains 130 points and Sensex gained more than 245 points.
Today, the Nifty index opened at 11580.30 went up to 11684.70 and closed at 11661.85 after making the low of 11553.15. The Niftybank index opened at 28954.80 and stayed volatile between 29249.50 to 28864.10 and closed at 29120.25. Sensex opened at 39087.83 made a high of 39361.06 low 38963.60 and closed at 39298.38.
As per our last view, ‘if the Nifty index breaks and stay above 11600 then it can go up to 11650 to 11700 and if the Nifty index breaks below 11480 then it fall till 11400’ and today the index went up to 11685 after making the low of 11553.15.
For the next trading day, if the Nifty index holds above 11630 then it further moves towards the 11700 to 11900. If the Nifty index breaks below 11630 then then it can fell towards 11600 to 11500.
Above the Nifty index hourly chart showing the upside movement. From the chart it can be seen that the index moving up following an uptrend line after breaking the downtrend line. The Nifty index moving up and reached 11700 resistance today after breaking the resistance of 11485 and 11590. Today the index closed above its resistance’s closing wich is showing the strongness of the market. Technically the market looks positive and it seems that it will stay up in the coming days.
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- SEBI to auction Sai Prasad group’s 200 properties next month.
- Indoco Remedies gains 7% after zero observation from USFDA.
Trading zone for the Nifty index on 22nd October 2019
Upside Resistance:- 11715, 11765, 11900.
Downside Support:- 11630, 11580, 11500.
In the Nifty 50, 35 stocks traded in green whereas the 15 were declined unchanged on 18th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, RELIANCE, IBULHSGFIN, ZEEL, MARUTI and the volume-wise were YESBANK, BHEL, IDEA, IBULHSGFIN, TATAMOTORS.
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.