On Wednesday the market opened higher but settled in the red. The market was highly volatile and the selling pressure faces on every pull back. On the closing bell, the Nifty index ends near 12100, the Niftybank index not holds 31000 and settled at 30700 and the Sensex closed at 41115.38. The Nifty index loses -63 points, Niftybank index loses around -250 and the Sensex loses more than -200 points.

Today, the Nifty index opened at 12219.50 went up to  12225 and closed at 12107 after making a low of 12089. The Niftybank index opened at 31068.65 and stayed volatile between 31147.85 to 30615.75 and closed at 30701.45.

As per the last view, ‘if the Nifty index holds above 12135 then upside rally can be expected and if the Nifty index breaks above 12190 then it can go up to 12200 or more in the coming session’ and the index went up to 12225 after holding 12135.

For the next day trading, if the Nifty index sustains above 12135 then it can go up 12225. If the Nifty index breaks below 12089 then it can fall towards 12000 in the coming trading sessions.

From the above chart, it can be seen that the Nifty index has broken its near term support. The next strong support of the index is 12000, it is has broken then the bullish sentiment will collapse and the downward trend can be started. Technically, the market in a positive bias and forming a double bottom on the chart. The Nifty index can also fill its gap of 12025 to 12240 in the coming days. It seems that the market is bottoming out for the shorter-term and can be pull back at any time. The market is highly volatile and uncertain hence trade consciously.

NEWS HIGHLIGHTS

  • RBL Bank Q3 net profit dips 69% to Rs. 70 crore on the higher provision.
  • I-T conducts searches at United Phosphorous premises.
  • Larsen & Toubro to raise Rs. 1000 crore Through NCDs.
  • Rane Engineering posts Q3 net loss at Rs 5 crore.
  • Cabinet approves closure of Hindustan Fluorocarbon ltd.
  • Edelweiss Finance plans to raise Rs 250 crore via bonds.
  • SBI Life Insurance Q3 net profit up 47.5%.
  • India Rating- GDP to grow by 5.5% in FY21 but downside risk persist.

Trading zone for the Nifty index on 23rd January 2020

Upside Resistance:-  12140, 12190, 12275.

Downside Support:-  12050, 12000, 11930.

Nifty 50

AdvancesDeclines
1634

In the Nifty 50, only 16 stocks traded in green whereas the 34 was declined on 22nd January 2020.

Top 5 Nifty Gainer and Loser

Gainer%Loser%
ZEEL4.89ONGC-5.25
GRASIM2.64COALINDIA-5.24
NESTLEINDIA1.84NTPC-3.97
TCS1.78TATAMOTORS-3.03
ADANIPORTS1.07UPL-2.99

The most active value-wise stocks were ZEEL, HDFCBANK, BHARTIARTL, AXIS BANK, ICICIBANK and the volume-wise were IOC, YES BANK, ZEEL, TATAMOTORS, POWERGRID.