On Tuesday, the market was opened higher on the first day of October month. The market erased its earlier gain and fell sharply. It seems that the bears take the market in their hands and beet the bulls. On the closing bell, the Nifty index end near 11350, Niftybank index lost more than –375 points and Sensex tumble –362 points.
Today, the Nifty index’s opened at 11515.40 went up to 11554.20 and closed at 11359.90 after making the low of 11247.90. The Niftybank index opened at 29226.15 and stayed volatile between 29526.40 to 28077.35 and closed at 28725.50. Sensex opened at 38813.48 made a high of 38929.89 low 37929.89 and closed 38305.41.
As per our last view, ‘if the Nifty index stays above 11500 then it can move up to the level of 11600 to 11700 and if the Nifty index breaks below 11450 then further downside can be seen till 11400 or more’ and today the Nifty index tank till 11247.90 after breaking 11450.
For the next day trading, if the Nifty index cross and stays above 11390 then it can go up to 11510 to 11600. If the Nifty index trade below 11400 then further downside can be seen till 11180.
From the hourly chart above it can be seen that the Nifty index continues making lower highs and lower lows. The index is breaking and trading below the near support. Indicators such as MACD and stochastic are not showing strength. Technically, the market looks weak and range bound. Currently, the index is trading in a wide range of 11300 to 11600. Today the index cover its earlier gap up opening closed at 11359 after testing the 100 moving average on the hourly chart. The market will be highly volatile and can give unpredictive move.
Trading zone for the Nifty index on 01st October 2019
Upside Resistance:- 11390, 11526, 11700.
Downside Support:- 11220, 11180, 11080.
In the Nifty 50, only 11 stocks traded in green whereas the 39 were declined on 01st October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, AXISBANK, YESBANK, IBULHSGFIN, SBIN, HDFC and the volume-wise were YESBANK, IDEA, IBULHSGFIN, SBIN, IDFCFIRSTB.
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.