On Thursday, the market opened flat to positive and closed in green. The market was choppy and unpredictable hence traded in a narrow range. On the closing bell, the Nifty index ends above 12250, Niftybank index settled at 32241.45 and the Sensex closed above 41650. The Nifty index and the Sensex gain 38 points and 115 points each whereas the Niftybank index loses –2.80 points respectively.
Today, the Nifty index opened at 12223.40 went up to 12268.35 and closed at 12259.70 after making the low of 12191.15. The Niftybank index opened at 32281.65 and stayed volatile between 32328.35 to 32085.05 and closed at 32241.45.
As per the last view, ‘if the Nifty index holds above 12160 then the upside rally will continue towards 12350 and if the Nifty index breaks below 12200 then it can fall till 12135 to 12075’ today the index breaks 12200 but pulled back and went up to 12268 after holding above 12160.
For the next day trading, ‘if the Nifty index stays above 12165 then upside momentum will continue towards 12350 or more. If the Nifty index breaks below 12235 then it can fall till 12165 to 12085.
Above is the daily chart of the Nifty index. From the above chart, it can be seen that the index moving up following an upward wedge pattern. Technically, the market looks positive and the Nifty index can touch 12350 in the near term. 12165 is the near base support for the Nifty and the 12000 will be trend reversal points. The market giving every day new highs in trading in upward momentum.
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- SoftBank Oyo is likely to cut 2000 jobs in India by January end.
- Reliance Nippon Life Asset management gets shareholder’s nod for a name change.
- SPARC signs pact with Bio project to acquire exclusive rights for the drug to treat auto-immune diseases.
- The US wants India to lower its tariffs.
Trading zone for the Nifty index on 20th December 2019
Upside Resistance:- 12290, 12315, 12350.
Downside Support:- 12235, 12200, 12160.
In the Nifty 50, 27 stocks traded in green whereas the 23 were declined on 19th December 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were RELIANCE, YESBANK, TCS , HDFC, TATAMOTORS and the volume-wise were YES BANK, IDEA, TATAMOTORS, DISHTV, JINDALSTEL.
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.