On Tuesday, the market was open higher and closed in the hands of bulls. Today the market was range-bound and traded in the green. Sensex, Nifty index and Niftybank closed with the gain of 147.15, 47.50, and 174.80 points respectively. The bulls have taken the market in their hands hence the market is going up from three trading sessions.
Today the Nifty index opened at 11106.55 made high of 11141.75 low 11049.50 and closed at 11105.35. Niftybank index opened at 28106.30 and stay volatile in between 28277.70 to 27960.80 and settled at 28126.15. Sensex opened at 37658.48 went up to 37731.51 on higher sides and closed at 37641.27 after making a low of 37449.69.
As per our last view ‘if the Nifty index will stay above 10960 then it can go up to the next resistance level of 11150‘ and today the Nifty index made a high of 11141.75. 11100 will play an important role in the next trading day. If the Nifty index will stay above 11100 then the Nifty index will touch its near resistance of 11200. If the Nifty index will break and sustain below 11100 then it can take the market towards 11000 to 10900.
Above the daily chart of the Nifty index is showing that it is going towards the resistance of 11200. Today the Nifty index closed with the spinning top candle which means that not the buyers nor sellers are interested in the market. Technically, the market will be volatile and range bound and most probably it can continue its downtrend after retesting the resistance.
Trading zone for 28th August 2019 of the Nifty index
Upside Resistance:- 11150, 11190, 11285.
Downside Support:- 11055, 11000, 10950.
In the Nifty 50, only 35 stocks traded in green whereas 15 were declined on 27th August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were HDFC, RRELIANCE, HEROMOTOCO, SBIN, INFY and the volume-wise were YESBANK, TATAMOTORS, SBIN, BHARTIARTL, ICICIBANK.