On Wednesday the market opened higher and stayed bullish, settled in the green. The market was sell-off and fallen sharply. On the closing bell, the Nifty index ended above 12100, the Niftybank index settled above 30800 and the Sensex closed at 41323. The Nifty gains around 150 points, Niftybank gains more than 250 points and the Sensex gains over 400 points.
Today, the Nifty index opened at 12090.60 went up to 12134.70 and closed at 12125.90 after making a low of 12042.10. The Niftybank index opened at 30905 and stayed volatile between 30947.15 to 30606.15 and closed at 30838.20.
As per the last view, ‘if the Nifty index holds above 11975 then it can go up to 12045 to 12100 and if the Nifty index breaks 11900 then it can fall sharply towards 11845 to 11750‘ and today the Nifty index opened above 11975 went up to 12125.
For the next day trading, if the Nifty index holds 12085 then it can go up to 12160 to 12200. If the Nifty index breaks below 12085 then it can fall till 12040 to 12000.
Above is an hourly chart of the Nifty index. The index has taken support at 11900 yesterday as can be seen in the above chart. The index reclaimed 12000 and today settled above 12100. The Nifty index trading in a range of 11900 to 12200. The momentum indicators are in the upside zone on the hourly chart which suggests the upside momentum will continue but the profit booking can saw on the higher level. Technically, the market is highly volatile and trading as per the levels.
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Trading zone for the Nifty index on 20th February 2020
Upside Resistance:- 12160, 12190, 12290.
Downside Support:- 12100, 12065, 12000.
In the Nifty 50, 38 stocks traded in green and only 12 were declined on 19th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were INDUSINDBK, SBIN, TATAMOTORS BHARTIARTL, RELIANCE and the volume-wise were YES BANK, TATAMOTORS, SBIN, INFRATEL, ONGC.