On Friday, the market was highly volatile and choppy. The market was traded in a range and undirected. On the closing bell, Sensex tumbles more than 165 points, the Nifty index ends below 11550 and Niftybank index loses around 125 points.
Today, the Nifty index’s opened at 11556.35 went up to 11593.60 and closed at 11512.40 after making the low of 11499.75. The Niftybank index opened at 29974.95 and stayed volatile between 30112.65 to 29711.35 and closed at 29876.65. Sensex opened at 39003.13 made a high of 39107.37 low 38782.60 and closed at 38822.57.
The market moves as per our technical view most of the time. The level such as support and resistance are the most important for the trading that we are always looking at it.
For the next day trading, if the Nifty index breaks and sustains above 11536 then it can move towards the resistance of 11600 to 11700. If the Nifty index breaks and sustains below 11500 then it can again fell towards the support of 11400.
Above is a chart of the Nifty index and it can be seen that the index is trading below the resistance of 11700. From the hourly chart above, it can be seen that the index is maintaining well below the resistance. As per the chart it is also can be seen that the index trading in the range of 11600 to 11490. Technically if the Nifty index breaks and maintain above 11600 then further upside can be expected. If the Nifty index breaks and sustain below 11490 then fall will continue in the coming days.
Trading zone for the Nifty index on 30th September 2019
Upside Resistance:- 11535, 11570, 11700.
Downside Support:- 11500, 11440, 11350.
In the Nifty 50, only 11 stocks traded in green whereas the 39 were declined on 27th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, RELIANCE, SBIN, HDFC, MARUTI and the volume-wise were YESBANK, IDEA, SUZLON, TATAMOTORS, DISHTV.