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.
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Trading zone for the Nifty index on 23rd January 2020
Upside Resistance:- 12140, 12190, 12275.
Downside Support:- 12050, 12000, 11930.
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
The most active value-wise stocks were ZEEL, HDFCBANK, BHARTIARTL, AXIS BANK, ICICIBANK and the volume-wise were IOC, YES BANK, ZEEL, TATAMOTORS, POWERGRID.