On Thursday the day of expiration of the February series the market opened lower and stayed volatile, settled in the red. The market was traded in volatility and again sell-off and broked 11600 due to the Coronavirus fear as the virus has spread over 50countries. On the closing bell, the Nifty index holding 11600, the Niftybank index settled below 30200 and the Sensex closed below 40000. The Nifty loses more than -40 points, Niftybank loses around -100 points and the Sensex loses almost -150 points each.
Today, the Nifty index opened at 11661.25 went up to 11663.85 and closed at 11633.30 after making a low of 11536.70. The Niftybank index opened at 30270 and stayed volatile between 30272 to 29914.15 and closed at 30187.
As per the last view, ‘if the Nifty index stays above 11700 then it can go up to 11780 to 11875 and if the Nifty index breaks below 11600 then the market will fall continue towards 11500 to 11100‘ and the index opened below 11700 and fallen till 11535 after breaking 116600.
For next day trading, if the Nifty index holds above 11600 then some recovery can be expected till 11900. If the Nifty index sustains below 11600 then again it can fall towards 11500.
The Nifty index surges sharply and broked 11600 as can be seen in the above chart. Today the Nifty has closed just above its crucial support of 11600. Selling can be continued in the market as the global market is hitting by the Coronavirus. Technically, the market will remain uncertain and volatile. The market will react as per the support and resistance level. If the index will hold 11600 then 11785 to 11890 level can be seen in the coming days. Momentum indicators like MACD and RSI have shifted in the positive bias hence some upside move can be seen in the coming trading session.
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Trading zone for the Nifty index on 28th February 2020
Upside Resistance:- 11685, 11740, 11865.
Downside Support:- 11600, 11555, 11485.
In the Nifty 50, 15 stocks traded in green and 35 were declined on 27th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, SBIN, ICICI BANK, HDFC BANK, MARUTI and the volume-wise were YES BANK, TATAMOTORS, SBIN, ONGC, ICICI BANK.
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.