On Thursday, the Nifty index, Niftybank index, and Sensex have given flat to positive opening. The market was highly volatile and totally in the control of bears during the day. Today the market was negative, hence on the closing, the Nifty index ends at seven months low, Sensex down 470 points and Niftybank index loses 415 points.
Today, the Nifty index’s opened and high remains the same as 10845.20 and closed at 10704.80 after making the low of 10670.25. The Niftybank index opened and high also remain the same as 27175.45 and closed at 26757.65 after making the low of 26643. Sensex opened and high remains the same as 36613.93 and fell till 35987.80 and settled at 36093.47.
As per our last view, ‘if the Nifty index stays above 10845 then it can go up to 10885 to 10965 and if the Nifty index remains below 10845 then it can fall 10800 to 10685’ and today opened below 10885 and fell till 10670.
For the next trading day, if the Nifty index breaks and sustains above 10740.10 then it can go up to 10810 to 10915. If the Nifty index will trade and sustains below 10700 then it can again fall towards 10670 to 10565.
As per the chart above, the Nifty index breaks down the triangle pattern. The market is trading below the triangle as the pattern breaks down. Technically the market looks weak as the chart and indicators like MACD are weak. Indicators like MACD crossed negatively on the daily chart and RSI is below 40. These are the sign of weakness for the market.
The Nifty index today ends below 7-month low and continue falling from its resistance. The bears are beating the bulls and tighten their muscles.
Trading zone for the Nifty index on 20th September 2019
Upside Resistance:- 10740, 10810, 10915.
Downside Support:- 10670, 10635, 10565.
In the Nifty 50, only 07 stocks traded in green whereas the 43 were declined on 19th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, MARUTI, IBULHSGFIN, ICICIBANK, HDFC and the volume-wise were YESBANK, TATAMOTORS, SBIN, IBULHSGFIN, ICICIBANK.
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.