On Friday, the market opened higher and stayed highly volatile. Today the market faces selling pressure after morning gains hence the Nifty index closed flat. On the closing bell the Nifty index settled below 11600, Niftybank index reclaim gain after the SBIN results announcement and closed near 29400 and the Sensex holds 39000. Today the Nifty index stayed flat, Niftybank gains 288 points and Sensex gains 37.67 points.
Today, the Nifty index opened at 11646.15 went up to 11646.90 and closed at 11583.90 after making the low of 11490.75. The Niftybank index opened at 29228.65 and stayed volatile between 29452.10 to 28923.80 and closed at 29395.95. Sensex opened at 39201.67 made a high of 39241.61 low 38718.27 and closed at 39058.06.
As per our last view, ‘if the Nifty index breaks and sustains below 11550 then it can fall further and if the Nifty index breaks 11622 then it goes up to 11700’ and the index opened higher and went up to 11646 and made a low of 11490 after breaking 11550.
For the next trading day, if the Nifty index breaks and sustains above 11650 then again it can go up. If the Nifty index breaks 11500 then further downsides we can see in the coming days.
From the chart above it can be seen that the Nifty index broked its uptrend line. It can also be seen that the index slightly falling after breaking the uptrend line. The Nifty index is falling in a downward channel and today it broken the lower band. The index bounced back from the lower band of channel on the hourly chart and made bullish candle. Technically the market seems in a correction mode hence it can fall further.
- PEL; board approves fundraising up to Rs. 5400/- crore.
- TATAMOTORS reports loss of 217 crore for Q2.
- SBIN profit jumps to Rs. 3012 cr despite higher provisions.
- SBI, OBC to spent Rs. 1000/- cr for Diwali gift to staff.
- Exchanges to take additional surveillance measures on stocks with high promoters pledge.
- ICICIBANK shares hit a record high ahead of Q2 earnings.
- SBIN jumps over 8% on strong Q2 earnings.
Trading zone for the Nifty index on 29th October 2019
Upside Resistance:- 11660, 11730, 11885.
Downside Support:- 11570, 11500, 11415.
In the Nifty 50, 19 stocks traded in green whereas the 31 were declined unchanged on 25th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, SBIN, INDIGO, YESBANK, ICICIBANK, PEL and the volume-wise were IDEA, YESBANK, SBIN, RPOWER, 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.