On Monday the market opened lower and stayed bearish due to the global market. The market was highly under sell pressure and closed lower. On the closing bell, the Nifty index ends near 12100, the Niftybank index settled below 31241 and the Sensex closed at 41155. The Nifty index loses more than -100 points, Niftybank index loses more than –800 points and the Sensex lost around -460 points.
Today, the Nifty index opened at 12197.10 went up to 12217 and closed at 12119 after making a low of 12107. The Niftybank index opened at 31110.55 and stayed volatile between 31227 to 30808.55 and closed at 30837.40.
As per the last view, ‘if the Nifty index holds above 12220 then it can go up to 12300 to 12350 and if the Nifty index breaks and sustains below 12210 then again it falls till 12175 to 12100‘ and the index fell till 12107 after making the high 12216.
For the next day trading, if the Nifty index breaks and hold above 12150 then it can go up to 12216 to 12250. If the Nifty index breaks below 12089 then it can further fall towards 12035.
From the above chart, it can be seen that the Nifty index has measure support at 12089 and resistance at 12275. The index was unable to hold its resistance 12225 and fell today till 12100. Technically, the market is positive and uncertain. The market can move in any direction at any time because of the global market.
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Trading zone for the Nifty index on 28th January 2020
Upside Resistance:- 12150, 12185, 12250.
Downside Support:- 12089, 12035, 11930.
In the Nifty 50, only 11 stocks traded in green whereas the 39 was declined on 27th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were ICICI BANK, DRREDDY, HDFC BANK, RELIANCE, INDUSINDBK and the volume-wise were YES BANK, ICICI BANK, TATAMOTORS, SBIN, JSWSTEEL.