On Wednesday, the market was opened almost flat and later fell down. The market was traded in red and closed negatively. Sensex, Nifty index and Niftybank closed negatively looses -189.43, -59.25 and -321.85 respectively. Today bears have ridden the bulls and took the market down.
The Nifty index was open at 11101.30 went up to 11129.65 and closed at 11046.10 after making a low of 10987.65. Sensex opened at 37655.77 and traded in between 37687.82 to 37249.19 closed at 37451.84. Niftybank index opened at 28080.25 and stayed volatile in the range of 28095.55 to 27634.65 and settled at 27804.30.
As per our last view, ‘If the Nifty index will stay above 11100 then the Nifty index will touch its near resistance of 11200 and if the Nifty index will break and sustain below of 11100 then it can take the market towards 11000 to 10900’ and today felled till 10987.65. For the next trading day, if the Nifty index stays above 11055 then it can go up to 11150 to 11200. If the Nifty index will trade continue below 11055 and breaks 11000 then again sharp fall can be seen in the market.
From the hourly chart above it can be seen how the Nifty index is not breaking its previous resistance. It can also be seen that the Nifty index felling after reaching the resistance. Now the market is range-bound from 11200 to 10900 and looks weak. Technically, the market looks to mix and range bound but it can be short on rising carefully.
Tomorrow there is an august month expiry and hence trade carefully and stay updated on the market.
Trading zone for the Nifty index on 29th August 2019
Upside Resistance:- 11055, 11120, 11200.
Downside Support:- 11000, 10950, 10900.
In the Nifty 50, only 13 stocks traded in green whereas 37 were declined on 28th August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were YESBANK, INDUSINDBK, IBULHSGFIN, TATAMOTORS, HDFCBANK and the volume-wise were YESBANK, TATAMOTORS, IBULHSGFIN, SBIN, TATASTEEL.