On Thursday the day of August series expiry, the market was opened lower and closed in the red. Today the bears are hamfest the bulls and take over the market in their hands. Hence the Sensex, Nifty index and Niftybank lost –382.91, –97.80 and –499.10 points respectively.
The Nifty index was open at 10996.05 went up to 11021.10 and closed at 10948.30 after making a low of 10922.40. Niftybank index opened at 27694.95 and stayed volatile in the range of 27719.05 to 27239.95 and settled at 27305.20. Sensex’s open high was the same as 37381.80 and made a low of 36987.35 and closed at 37068.93.
As per our last view, ‘if the Nifty index stays above 11055 then it can go up to 11150 to 11200 and If the Nifty index will trade continue below 11055 and breaks 11000 then again sharp fall can be seen in the market’ and the Nifty index fell till 10922.40. For the next trading day, if the nifty index will break and sustain above 10965 then it can go up till 11000 to 11150. If the Nifty index will trade continue below 10965 then it can fall towards 10900 to 10850.
The Nifty index continues trading below its resistance as we can see in the chart above. On the hourly chart, the Nifty index is trading below the middle band of Bollinger band after breaking its lower band. It is also can be seen that the market (Nifty Index) is trading in a narrow range of falling channel with the support of its near resistance. These all are the sign of weakness and suggestion that the market will be down in the coming days. Technically, the market looks weak and can short on rising carefully.
Trading zone for the Nifty index on 30th August 2019
Upside Resistance:- 10965, 11005, 11150.
Downside Support:- 10900, 10865, 10800.
In the Nifty 50, 21 stocks traded in green whereas 29 were declined on 29th August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were IBULHSGFIN, ICICIBANK, HDFC, RELIANCE, YESBANK and the volume-wise were YESBANK, TATAMOTORS, IOC, NTPC, COALINDIA.
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.