On Monday, the bulls continue cheers on the corporate tax cuts. The market was open with a gap up and stayed highly volatile during the day. Today the market rallied up and dream run continue on day two, Nifty index ends above 11600, Sensex up 1075 points, Niftybank gains more than 1550 points.
Today, the Nifty index’s opened at 11542.70 went up to 11694.85 and closed at 11600.20 after making the low of 11471.35. The Niftybank index opened at 30039.40 and stayed volatile between 30801.30 to 29776.30 and closed at 30566.20. Sensex opened at 38844 made a high of 39441.12 low 38674.04 and closed at 39090.03.
As per our last view, ‘if the Nifty index sustains below 11100 then again it will fall further and the Nifty index will stay long above 11181’ today the market open on the higher side and went to 11694.85.
For the next trading, 11588 will be the decisive level for the Nifty index. If the Nifty index Sustain above 11588 then it can go up to the next resistance of 11707 to 11812. If the index breaks and sustains below 11588 then it can fell again till 11425 to 11181.
From the above hourly chart, it can be seen that the Nifty index broke its all near resistance. Today the index reached almost its resistance of 11707 and come back by following the down trend line. Indicators like MACD showing conversions, Stochastic and RSI in the overbought zone. Indicators are suggesting the bulls are unwinding their position and booking profit. It seems that the market will consolidate between 11700 to 11300. Technically, the market looks volatile and unpredictive. Today’s market suggesting that the event’s rally is now unwinding and stabilizing.
Trading zone for the Nifty index on 24th September 2019
Upside Resistance:- 11707, 11812, 12035.
Downside Support:- 11588, 11480, 11365.
In the Nifty 50, 32 stocks traded in green whereas the 18 were declined on 20th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, HDFCBANK, ICICIBANK, AXISBANK, MARUTI, HDFC and the volume-wise were YESBANK, ICICIBANK, SBIN, ITC, TATAMOTORS.