On Thursday, the spot nifty and Niftybank were open lower while the Sensex opened higher around +27. The market was down and traded one side during the day hence, Spot Nifty lost -177.35 points, Niftybank lost -684.85 points and Sensex -587.44 points. The bears have been gripped the market and rolling the bulls.
Today the Nifty index opened at 10905.30 and settled at 10741.35 after making a low of 10718.30. Niftybank index made the low of 26975.55 and closed at 27034.20 while open and high was 27690.05. Sensex’s Open and high was the same as 37087.58 and closed at 36472.93 after given a valley of 36391.35.
As per our last view below 10950 will take the Nifty index towards its next support level and today it fell sharply.
For the Nifty index, 10790 will be the support for the next 23 august 2019 trading day. If the Nifty index will break 10790 then it can go up to the 10900 to 10950. If the Nifty index will trade continue below of 10790 then the next support of 10600 will be achieved soon.
From the above hourly chart, it can be seen that the Nifty index is trading below its major resistance and 200 moving averages. All the near support of 10855 and 10800 broken by the market and closed below of these supports. The Nifty index has broken its all near support after breaking the uptrend line and continue trading downside. Indicators such as MACD, RSI and Stochastic are showing downward momentum. These all are indicating that the market will be under pressure and will continue its downtrend.
Trading zone for 23rd August 2019 of the Nifty index
Upside Resistance:- 10800, 10860, 10950.
Downside Support:- 10670, 10600, 10505.
In the Nifty 50, only 06 stocks traded in green whereas 44 were declined on 22nd August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were YESBANK, IBULHSGFIN, MARUTI, RELIANCE, BAJFINANCE and the volume-wise were YESBANK, TATAMOTOTRS, IBULHSGFIN, SBIN, VEDL.
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.