On Thursday the market opened with a gap down later recovered in the last hour of the session but unable hold that hence closed in the red. The market was trading on the lower side but in the later started recovery sharply on the day of weekly index options expiration. On the closing bell, the Nifty index closed below 8300, Niftybank index closed above and hold 20000 and the Sensex settled below 283000. The Nifty index loses more than –200 points, Niftybank index loses around -500 points and the Sensex lost more than -550 points in a single day.
Today, the Nifty index opened at 8063.30 went up to 8575.45 and closed at 8263.45 after making the low of 7832.55. Niftybank index opened at 19428.95 and stayed volatile between 21035.05 to 18675.65 and closed at 20083.50.
As per the last view, ‘if the Nifty index sustains below 8500 then the fall will continue and it can fall towards 8000 and if the market will cover then the Nifty index may go up to 9000.
For the next day trading, if the Nifty index breaks and sustains below 8200 then the fall will continue and it can fall towards 7900 to 7675. If the market recover and bounce then it can go up to 9000.
The global market has been affected by the coronavirus and the world economy facing recession. The stock market is falling every day because of the virus as day by day it is increasing. The Nifty index most of the time opens with a gap down and loses every day as can be seen in the above chart. Today the index broke 8000 levels and later recover closes above it. Technically, the Nifty index may go up 9000 on the upper side in the coming days but the rising fear factor of the virus will be a hurdle for the market to sustain up.
- Govt advises senior citizens, children below 10 to stay home.
- Indigo cuts salaries, CEO Ronojoy Dutta to take home 25% lesser pay.
- SEBI relaxes result announcement norms amid coronavirus turmoil.
- SpiceJet suspends majority international ops from March 21 to April 30.
- DoT plea to seek 20 Year time for payment of AGR.
- Yes Bank transfer Puri Jagannath Temple’s Rs 389 cr FD account to SBI.
- Kotak Mahindra Bank, subsidiary sells a 20% stake in ECA Trading Services.
- Ex-SBI chief Arundhati Bhattacharya resigns from the CRISIL board.
Trading zone for the Nifty index on 20th March 2020
Upside Resistance:- 8575, 8650, 9000.
Downside Support:- 8200, 7850, 7500.
In the Nifty 50, only 10 stocks traded in green and whereas 40 were declined on 19th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were HDFC BANK, RELIANCE, BAJAJ FINANCE, ICICI BANK, SBIN and the volume-wise were SBIN, ITC, TATAMOTORS, ONGC, ICICI BANK.