On Thursday, the market opened higher and stayed highly volatile. Today the market faces selling pressure and hence it has closed negatively after a positive opening. On the closing bell, the Nifty index unable to hold 11600, Niftybank sustains above 29100 and Sensex stayed above 39000. The Nifty index, Niftybank index, and Sensex loses –21.50 points, –351.65 points and –38.44 points each.
Today, the Nifty index opened at 11661.65 went up to 11679.60 and closed at 11582.60 after making the low of 11534.65. The Niftybank index opened at 29604.35 and stayed volatile between 29693.25 to 28994.20 and closed at 29107.95. Sensex opened at 39223.01 made a high of 39327.15 low 38840.76 and closed at 39020.39.
As per our last view, ‘if the Nifty index holds above 11550 then the upside movement will continue and if the Nifty index breaks below 11600 then it can fall till 11550 to 11500’ and today the market was highly volatile and the index broked 11600 fell till 11534.65.
For the next day trading, if the Nifty index breaks and sustains below 11550 then it can fall further. If the Nifty index breaks 11622 then it goes up to 11700.
From the chart above it can be seen that the Nifty index broked its uptrend line. Today the index broked uptrend line and closed below it. Technically, the index looks weak and can fall in coming trading session. It is also to be seems that the hourly chart framing downwards channel. On the upside 11650 will be the resistance and 11530 support.
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Trading zone for the Nifty index on 25th October 2019
Upside Resistance:- 11600, 11705, 11800.
Downside Support:- 11550, 11500, 11450.
In the Nifty 50, 20 stocks traded in green whereas the 30 were declined unchanged on 24th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, BHARTIARTL, SBIN, INFY, RELIANCE, MARUTI and the volume-wise were IDEA, YESBANK, BHARTIARTL, SBIN, DISHTV.
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.