On Monday the market opened negative and stayed bearish, settled in the red. The market was sell-off and fallen sharply due to the Coronavirus fear. On the closing bell, the Nifty index ended below 11850, the Niftybank index settled below 30500 and the Sensex closed at 40363.23. The Nifty loses more than -250 points, Niftybank loses around -500 points and the Sensex loses over -800 points each.

Today, the Nifty index opened at 12012.55 went up to 12012.55 and closed at 11829.40 after making a low of 11813.40. The Niftybank index opened at 30666.35 and stayed volatile between 30702.15 to 30428 and closed at 30455.10.

As per the last view, ‘if the Nifty index breaks above 12101 then it can go up to 12160 or more and if the Nifty index holds below 12100 and breaks 12071 then it can fall till 12040 to 11990′ today the index opened below 12045 and tank near about 11800 where it’s open and high was remains the same as 12012.55.

For the next day trading, if the Nifty breaks below 11800 then it can continue its fall till 11750 to 11665. If the Nifty index holds above 11900 then it can go up to 11980 to 12045 in the coming trading sessions.

From the above chart, it can be seen that the Nifty index has broken the support of 11900 and closes below it. Now the index may fall continue as it has broken support with heavy volume which suggests, it can fall more in the coming trading sessions. Technically, the Nifty index may continue its fall as it has broken the downwards support line and closes below it. Momentum indicators like MACD RSI and Stochastic are shifted into the seeling zone on the hourly chart. Coronavirus fears drag the market in to deep and it may continue.

NEWS HIGHLIGHTS

  • Adani groups eye Air India, talks in a preliminary stage.
  • Hindustan Uniliver clears proposal to form a new 100% subsidiary.
  • Bharti Infratel extends the deadline for merger with Indus Towers by 2 months.
  • Indian Bank stops loading ATMs with Rs. 2000 notes.
  • Pepsico buys Chinese snack brand Be & Cheery.
  • Finance Minister against deferring penalty payment by telecom.
  • Microsoft, SBI join hands to train differently-abled people to fond jobs.

Trading zone for the Nifty index on 25th February 2020

Upside Resistance:-  11885, 11955, 12090.

Downside Support:-  11750, 11685, 11665.

Nifty 50

AdvancesDeclines
0050

In the Nifty 50, 00(zero) stocks traded in green and all 50 were declined on 24th February 2020.

Top 5 Nifty Gainer and Loser

Gainer%Loser%
00JSWSTEEL-7.35
00VEDL-6.46
00TATASTEEL-6.28
00HINDALCO-5.55
00TATAMOTORS-4.98

The most active value-wise stocks were SBIN, RELIANCE, HDFC BANK, HDFC, ICICI BANK, and the volume-wise were YES BANK, SBIN, TATAMOTORS, VEDL, ONGC.