On Friday, the market opened flat to positive and stayed bullish. The market was traded in a narrow range and stay volatile during the trading hour. On the closing bell, the Nifty index ends above 12250, Niftybank index settled near 32400 and the Sensex closed at 41681.54. The Nifty index gains 12 points, Niftybank index gains more than 140 points and the Sensex gains only 7.62 points each.
Today, the Nifty index opened at 12266.45 went up to 12293.90 and closed at 12271.80 after making the low of 12252.75. The Niftybank index opened at 32266.85 and stayed volatile between 32443.35 to 32199.45 and closed at 32385.
As per the last view, ‘if the Nifty index stays above 12165 then upside momentum will continue towards 12350 or more and if the Nifty index breaks below 12235 then it can fall till 12165 to 12085’ and today the index went up to 12293.90 without breaking 12165.
For the next trading, if the Nifty index breaks and sustain above 12294 then it can go up to 12350. If the Nifty index sustains below 12294 and breaks 12250 then it can fall till 12230 to 12190.
From the above hourly chart, it can be seen that the index sharply moving up. Today the Nifty index traded in a range of 12295 to 12250. Technically, the market looks positive and upside rally can be continued in the coming days but it also seems that the profit booking can be seen on the upper level. Today the Nifty index formed a rectangular triangle. If the Nifty index breaks above the triangle then upside rally will continue and if it breaks below the triangle then it will fall downside.
- Anand Mahindra to become non-executive chairman.
- Brookfield to raise over Rs 7000 cr for India properties via IPO.
- I-T searches at the pharma major Disman group’s properties.
- Public sector bank unions to join January 8 general strike.
- Fitch reaffirms India’s rating at BBB- with a stable outlook.
- Lupin gets USFDA nod to market skin ointment.
- RBI to buy, sell govt bonds worth Rs 10000 cr on Monday.
- DCC approves Rs 4.9 lakh crore spectrum auction plan.
Trading zone for the Nifty index on 23rd December 2019
Upside Resistance:- 12290, 12315, 12355.
Downside Support:- 12250, 12230, 12190.
In the Nifty 50, 29 stocks traded in green whereas the 21 were declined on 20th December 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were YES BANK, SBIN, RELIANCE, ICICIBANK, TCS and the volume-wise were YES BANK, SBIN, TATAMOTORS, VEDL, ICICIBANK.