On Tuesday, the market was highly volatile and unpredictive. The market opened flat to negative and also closed almost flat. The Nifty index and Sensex settled falt and Niftybank index ends negative after the blockbuster rally. The Nifty index and Niftbank index loses -12 points and 383.10 points each where Sensex closed with the nominal gain of 7 points.
Today, the Nifty index’s opened at 11590.70 went up to 11655.05 and closed at 11588.20 after making the low of 11539.20. The Niftybank index opened at 32432 and stayed volatile between 30668.10 to 29889.55 and closed at 30183.10. Sensex opened at 39135.28 made a high of 39306.37 low 38913.06 and closed at 39097.14.
As per our last view, ‘If the Nifty index Sustain above 11588 then it can go up to the next resistance of 11707 to 11812 and If the index breaks and sustain below 11588 then it can fell again till 11425 to 11181’ and today on the higher side went up to 11655.05 and sleeps till 11539.20.
For the next trading day, If the Nifty index breaks 11595 and sustains above 11600 then again it can move up 11700. If the Nifty index breaks below 11594 then it can sleep till 11500 to 11380.
From the above hourly chart, it can be seen that the Nifty index broke its all near resistance. Today the index traded below 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 25th September 2019
Upside Resistance:- 11600, 11650, 11700.
Downside Support:- 11594, 11480, 11365.
In the Nifty 50, 22 stocks traded in green whereas the 28 were declined on 24th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, RELIANCE, ZEEL, MARUTI, HDFCBANK, BPCL and the volume-wise were YESBANK, ZEEL, TATAMOTORS, SBIN, BPCL.