On the weekly expiry Thursday, the market opened higher and stayed highly volatile. Today the market was trading on a higher side but later erases all its gains and closed below of its previous closing. On the closing bell, the Nifty index ends below 12000, Niftybank settled flat at 31350 and the Sensex closed at 40575. Today the Nifty index loses –30.70 points, Niftybank loses –4 points and the Sensex loses more than –75 points. ZEEL and Eichermotor some of the lead the market.

Today, the Nifty index opened at 12025.65 went up to 12028.620 and closed at 11968.40 after making the low of 11956.90. The Niftybank index opened at 31413.25 and stayed volatile between 31463.15 to 31243 and closed at 31350. Sensex opened at 40737.31 made a high of 40744.85 low 40534.12 and closed at 40575.

As per the last view, ‘if the Nifty index breaks sustain above 12040 then further it can move up towards 12150 and if the Nifty index sustains below 12000 and breaks 11965 then it can fall towards 11900 to 11850’ and today the index not broken 12040 and sleep till 11956 after breaking 11965.

For the next day trading, if the Nifty index holds 11950 then it can move up towards 12150. If the Nifty index breaks and sustains below 11950 then further it can fall from 11900 to 11850.

The Nifty index is moving up by following an uptrend line as we can see in the chart above. Today the index closed above the line and holds the trend. On the hourly chart, the Nifty index is trading in a triangle, the breakout of the upside or downside of this triangle will decide the further trend. From the above chart, it can be seen that the Nifty index has taken the support at 11960 followed by an uptrend line. The Nifty index is facing crucial resistance at 12000 and unable to hold it. Indicators like MACD showing negative cross over and the Stochastic, RSI are also showing slow to downward momentum. Technically the market looks positive and ranges bound.

NEWS HIGHLIGHTS

  • Adani group strong contender for DHFL; Piramal, Apollo also said to be in the fray.
  • 566 national highway projects running behind schedule: Nitin Gadkari.
  • Govt finalizing new IT rules for social media entailing traceability of info originator.
  • DBS Bank aims at 100 touchpoints in 25 cities in India in one year.
  • Kiran Mazumdar Shaw settles alleged insider trading case with SEBI in Infosys matter.
  • India, US resolve major trade differences; agree on equitable market access for a trade deal.
  • BSNL number portability positive so far in FY20; more user joining than leaving: Prasad
  • Piyush Goyal holds a discussion with seafood exporter to boost export to $30-bn level.
  • Stake sale in BPCL, SCI, Concor to strengthen firms, brings in fresh investments: FICCI.
  • Tata steel European union representatives to meet management next week.
  • KIOCL share price rises on govt approval for the Mangalore project.
  • Reliance comm share price lock on the upper circuit on CFO appointment.

Trading zone for the Nifty index on 22nd November 2019

Upside Resistance:-    11985, 12055, 12150.

Downside Support:-  11940, 11900, 11840.

Nifty 50

Advances Declines
14 36

In the Nifty 50, 14 stocks traded in green whereas the 36 were declined on 21st November 2019.

Top 5 Nifty Gainer and Loser

Gainer % Loser %
ZEEL 11.73 BPCL -5.97
EICHERMOTO 2.09 COALINDIA -3.37
DRREDDY 1.43 TATASTEEL -3.25
ADANIPORT 1.39 YESBANK -3.11
HINDUNLVR 1.01 BHARTIARTL -2.39

The most active value wise stocks were ZEEL, ICICIBANK, IBULHSGFIN, BPCL, SBIN and the volume-wise were IDEA, ZEEL, DISHTV, YESBANK, NCC.