On Monday the market opened positively and settled red. The market was highly volatile and the selling pressure faces from the higher level. On the closing bell, the Nifty index ends near 12200, Niftybank index holds 31000 and the Sensex closed at 41529. The Nifty index loses -128 points, Niftybank index loses more than -500 and the Sensex loses more than -400 points.
Today, the Nifty index opened at 12415.25 went up to 12415.25 and closed at 12224.50 after making a low of 12217. The Niftybank index opened at 31817.75 and stayed volatile between 31817.75 to 31057 and closed at 31096.
As per the last view, ‘if the Nifty index sustains above 12375 then it can go up to 21390 to 12420 and if the Nifty index sustains below 12350 then it can fall till 12320 or more’ and the index fell till 12217 after it went up to 12415.25.
For the next day trading, if the Nifty index holds above 12213 then it can go up to 12280 to 12300. If the Nifty index breaks and sustains below 12200 the further downward will continue in the coming days.
From the above hourly chart of the Nifty index, it can be seen that the index broked the triangle support line and reaches the next support of 12210. It seems that the trader booking profit at every higher price. Technically, the will face the profit booking on the higher level and keep continue its upward move. If the Nifty index sustains above 12380 then the further upside rally will continue. The market remains volatile in the coming days.
- Kotak Mahindra Bank Q3 profit jumps 24%, assets quality weakness.
- Telcos file petition with SC seeking an extension of the payment deadline.
- Supreme Court approves the takeover of Unitech’s management by the centre.
- Bandhan Bank- Not seen an increase in stressed assets.
- Paytm expects a 25 mn merchant base by next year.
- SIAM bullish about the revival of the automobile industry.
- Hindustan Coca-appoints Melvin Tan as CFO.
- India’s thermal coal imports fall for three months in a row.
Trading zone for the Nifty index on 21st January 2020
Upside Resistance:- 12285, 12350, 12415.
Downside Support:- 12210, 12150, 12085.
In the Nifty 50, only 16 stocks traded in green whereas the 34 was declined on 20th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, BHARTIARTL, HDFC BANK, KOTAK BANK, TCS and the volume-wise were YES BANK, IOC, BHARTIARTL, SBIN, TATAMOTORS.
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.