On Wednesday, the market was highly volatile and unpredictive. The market was witnessed a sudden fall and rise during the trading session. Today the market was closed with nominal gain, where on the closing bell, Sensex up 82 points, the Nifty index ends below 10850 and Niftybank index gained 40.90 points.
Today, the Nifty index’s opened at 10872.80 went up to 10885.15 and closed at 10840.65 after making the low of 10804.85. The Niftybank index opened at 27304.70 and stayed volatile between 27414.45 to 27088.80 and closed at 27172.65. Sensex opened at 36621.38 made a high of 36712.99 low 36465.92 and closed at 36563.88.
As per our last view, ‘if the Nifty index breaks above 10875 then it can go up to 10900 to 11000 and if the Nifty index remains below 10870 then it can fall towards 10750 to 10645’ today the market was highly volatile.
For the next trading day, if the Nifty index stays above 10845 then it can go up to 10885 to 10965. If the Nifty index remains below 10845 then it can fall 10800 to 10685.
The market was earlier positive in the hope of the Finance ministry announcement. The market erased all its gain as nothing announced for the market. 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. Yesterday 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 19th September 2019
Upside Resistance:- 10845, 10885, 10950.
Downside Support:- 10840, 10800, 10765.
In the Nifty 50, 33 stocks traded in green whereas the 17 were declined on 18th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, MARUTI, BPCL, HDFC, RELIANCE and the volume-wise were YESBANK, TATAMOTORS, SBIN, BPCL, ITC.