On Wednesday, the spot Nifty and Niftybank opened higher while Sensex opened lower around -30 points. The market was highly volatile and traded under the pressure of bears. Today the market was down and settled in hands of bears. Trading indices i.e. Nifty, Niftybank and Sensex settled in red and lost -98.30, -263.40 and -267.64 points respectively.
Today spot Nifty open at 11018.15 made high of 11034.20 low 10906.65 and settled at 10918.70. Niftybank opened at 28021 and stay volatile between 28098.90 to 27666.20 settled at 27719.05. Sensex opened at 37298.73 and moved up and down in the range of 37406.55 to 37022.52.
As per our last view, sustaining below of 11026.50 will have to take the spot Nifty till 10900 and today the spot Nifty made a low of 10906.65.
For the spot Nifty 10955 will be the decisive level for the next trading day. If it will trade continue below of 10950 then it can come down to the next support level. And if the spot Nifty will trade above 10950 then up to 11080 levels we can see.
From the hourly chart above it can be seen that the spot Nifty broken its hourly uptrend line and trading below of it. The spot Nifty also broke support of 10990. In the hourly chart above it can also be seen that the Spot Nifty is trading below the middle band of Bolinger band and falling with the lower band. MACD also crossed negatively and is below its histogram. These are showing that the market will be under pressure and volatile. Our view as per technical, the Nifty looks weak and will go short on rising cautiously.
Trading zone for 22nd August 2019 of the spot Nifty
Upside Resistance:- 10955, 11000, 11080.
Downside Support:- 10900, 10825, 10700.
In the Nifty 50, only 11 stocks traded in green whereas 39 were declined on 21st August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were , YESBANK, MARUTI, IBULHSGFIN, TATAMOTOTRS, SBIN and the volume-wise were YESBANK, TATAMOTORS, SBIN, IBULHSGFIN, ITC.
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.