On Wednesday, the Nifty index, Niftybank index, and Sensex opened lower. The market was highly volatile and stayed lower during the day. On the closing bell, Sensex tumbles more than 500 points, the Nifty index ends below 11450 and Niftybank index loses around 600 points.
Today, the Nifty index’s open and high are almost the same as opened at 11564.85 made high of 11564.95 and closed at 11440.20 after making the low of 11416.10. The Niftybank index opened at 30029.05 and stayed volatile between 30067.60 to 29470.10 and closed at 29586.05. Sensex’s open and high was remained the same as 39087.20 low 38510.97 and closed at 38593.52.
As per our last view, ‘If the Nifty index breaks 11595 and sustains above 11600 then again it can move up 11700 and if the Nifty index breaks below 11594 then it can sleep till 11500 to 11380’ today the Nifty index opened below 11594 and tumble till 11416.
For the next day trading, the Nifty index may move up towards 11565 to 11700 if hold above 11475. If the Nifty index breaks below 11400 then the index will continue its fall towards 11380 to 11181.
From the above daily chart, it can be seen that the Nifty index is falling down after reaching the resistance of 11700. Technically, forms bearish belt hold pattern, selling may intensify in the coming days. The Nifty index started off the trade lower and extended selling pressure during the trading hours. The Nifty index closed well below 11500 following the resistance of 11700. The market is trading in the range of 11300 to 11700 and staying well below the resistance.
Trading zone for the Nifty index on 26th September 2019
Upside Resistance:- 11475, 11550, 11700.
Downside Support:- 11380, 11300, 11180.
In the Nifty 50, only 13 stocks traded in green whereas the 37 were declined on 25th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, SBIN, MARUTI, BPCL, HDFC, AXISBANK and the volume-wise were YESBANK, IDEA, SBIN, ASHOKLEY, TATAMOTORS.