On Monday, the market was open higher and also closed on the higher side. The market was erased its all earlier gain but later regain. Today the market gain on the basis of the announcement made by the government and rollback of FPI surcharges. The Sensex was closed with a gain of 792.96 points and Nifty index 228.50 points and Niftybank settled with a gain of 992.70 points.
Today the Nifty index opened at 11000.30 made high of 11070.30 low 10756.55 and settled at 11057.85. Niftybank index opened at 27663.95 went to up till 27995.25 made low of 26859.35 and closed at 27951.35. Sensex was opened with a gain of 662 points at 37363.95 and traded between 37544.48 to 36492.65 closed at 37494.12.
As per our last ‘if the Nifty index will stay above 10775 and break 10860 then it can go up to the 10925–11000’ and today it went up to 11070.30.
For the next trading day if the Nifty index will stay above 10960 then it can go up to next resistance level of 11150. And if it breaks 10950 then the 10900 to 10800 level we can see easily.
Index Nifty daily chart above is showing that it can go up to the next resistance of 11150 to 11200 in the coming days. The Nifty index is trading below 200 moving averages and resistance of 11200. Technically, it looks like the market will be an upside for a few days because the government is taking various tax reforms and policy changes. Indicators are showing that the market can jump up to its next upside level. Our outlook is to stay updated and cautious in the market and trade carefully.
Trading zone for 27th August 2019 of the Nifty index
Upside Resistance:- 11150, 11200, 11275.
Downside Support:- 10950, 10850, 10645.
In the Nifty 50, only 37 stocks traded in green whereas only 13 were declined on 26th August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were SBIN, YESBANK, HDFCBANK, IBULHSGFIN, RELIANCE and the volume-wise were YESBANK, SBIN,TATAMOTOTRS, ICICIBANK, IBULHSGFIN.