On Friday, the market was highly volatile and unpredictive. The market was rallied upside after the finance minister’s tax relief announcement. On the closing bell D-street, Sensex up 1921 and Nifty index closes above 11250 where the Niftybank index rallied more than 2200 points.
Today, the Nifty index’s opened at 10746.80 went up to 11381.90 and closed at 11274.20 after making the low of 10691. The Niftybank index opened at 26878.65 and stayed volatile between 29418.95 to 26727.55 and closed at 28981.55. Sensex opened at 36214.92 made a high of 38378.02 low 36085.74 and closed at 38014.62.
As per our last view, ‘if the Nifty index breaks and sustains above 10740.10 then it can go up to 10810 to 10915 and if the Nifty index will trade and sustains below 10700 then it can again fall towards 10670 to 10565’ today the market shoot up on finance minister tax relief announcement. Later the Nifty index went up to 11381.90.
For the next trading day, if the Nifty index sustains below 11100 then again it will fall further. The Nifty index will stay long above 11181.
From the above hourly chart, it can be seen that the Nifty index has broken its all near resistance. Today the Nifty index closed above its major resistance of 11181 – 11200. The market went up to 11381.90 after breaking the resistance of 11085. The Nifty index broked one month high and closed with a gain of 570 points. On the hourly chart Nifty index retrace the Fibonacci 0.50 level and came down. Today the market act positively and moved one side on the Finance minister corporate tax relief. Now the market is reacting on events and staying highly volatile, hence trade accordingly and stay up to date.
Trading zone for the Nifty index on 23rd September 2019
Upside Resistance:- 11400, 11540, 11807.
Downside Support:- 11181, 11100, 10850.
In the Nifty 50, 44 stocks traded in green whereas the only 06 were declined on 20th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, HDFC, MARUTI, ICICIBANK, RELIANCE, HDFCBANK and the volume-wise were YESBANK, TATAMOTORS, SBIN, ICICIBANK, ITC.