On Tuesday, Niftybank index opened higher whereas the Nifty index and Sensex opened lower. The market was highly volatile and seems unpredictive. On the closing bell, the Nifty index and Sensex sleeps –335 points and –73.50 points each. The Niftybank index settled with the gains of around 300 points. The Nifty index unable to hold 11600, Niftybank index hold 29400 and Sensex closed below 39000.
Today, the Nifty index opened at 11657.15 went up to 11714.35 and closed at 11588.35 after making the low of 11573.65. The Niftybank index opened at 29416.25 and stayed volatile between 29690 to 29231.20 and closed at 29411.15. Sensex opened at 39233.40 made a high of 39426.47 low 38924.85 and closed at 38963.84.
As per our last view, ‘if the Nifty index holds above 11630 then it further moves towards the 11700 to 11900 and if the Nifty index breaks below 11630 then it can fell towards 11600 to 11500’ and today market went up to 11714 on the higher side and fell till 11573 after breaking the below 11630.
For the next day trading, if the Nifty index breaks below 11550 then it can fall towards 11500 to 11400. If the Nifty index holds above 11550 it will stay continue up in the coming days.
From the chart, it can be seen that the index moving up following an uptrend line after breaking the downtrend line. The Nifty index moving up and crossed 11700 resistance today after breaking the resistance of 11600. Technically, the upward moving line will be the support for reversal. On the daily chart, the Nifty index has made three top chart patterns which suggesting that the index may fall till its near support. If the Nifty index breaks and sustains above 11710 then it can go up to 12000 in the coming days.
- Winter session of parliament to commence from November 18.
- Axis Bank reports a loss in Q2 due to a one-time tax impact.
- US firm preparing class-action suit against INFY.
- RBL Bank Q2 profit falls 73% on a sharp rise in the provision, assets quality deteriorates.
- DHFL forensic audit confirms diversion of Rs.20,000/- crore.
- PMC bank scam: court extends ex-director Surjit Singh Arora’s police remand till October 24.
Trading zone for the Nifty index on 23rd October 2019
Upside Resistance:- 11625, 11700, 11766.
Downside Support:- 11535, 11485, 11345.
In the Nifty 50, 27 stocks traded in green whereas the 23 were declined unchanged on 22nd October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, INFY, YESBANK, BAJFINANCE, RELIANCE, IBULHSGFIN and the volume-wise were YESBANK, IDEA, INFY, IBULHSGFIN, BHEL.
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.