On Wednesday the market opened higher and stayed bullish closed in green. The market was highly volatile and choppy. On the closing bell, the Nifty index ends above 12100, the Niftybank index settled below 31000 and the Sensex closed near 41200. The Nifty index gains more than 70 points, Niftybank index gains more than 100 points and the Sensex gains around 250 points.
Today, the Nifty index opened at 12114.90 went up to 12169.60 and closed at 12129.50 after making a low of 12103.80. The Niftybank index opened at 30915. and stayed volatile between 31083 to 30835 and closed at 30877.
As per the last view, ‘if the Nifty index holds above 12000 then it can go up to 12145 to 12215 and if the Nifty index breaks and sustains below 12000 then the downward rally will start till 11930 or more’ and today the index opened gap up and went up to 12170.
For the next day trading, if the Nifty index sustains above 12135 then it can go up to 12170 to 12210. If the Nifty index breaks below 12100 then it can fall till 12065 to 12000.
From the above hourly chart of the Nifty index, it can be seen that the index is trading below a downtrend line and facing resistance near the trend line. Today the index faces resistance at 12170 and fell suddenly but the buyer was tightened and pulled back the index on days high. The market will be now uncertain and it can move suddenly on any side as ahead of budget. Technically, the market is uncertain but on the positive side. The momentum indicators are not so clear on the hourly chart.
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- Tata sons may seek TCS help to clear AGR dues.
- US House democrats call for $760 billion in infrastructure spending over five years.
- State bank India becomes the lead financier of the Navi Mumbai Airport project.
- Va Tech Wabag bags orders worth over Rs.760 crore.
- Bharti Airtel working with DGFT for removal of name from the blacklist.
- IDBI Bank to raise Rs.1500 crore via bonds.
- Credit Suisse adds GAIL to the portfolio, share price gains 2%.
Trading zone for the Nifty index on 30th January 2020
Upside Resistance:- 12135, 12170, 12210.
Downside Support:- 12100, 12065, 12000.
In the Nifty 50, 35 stock traded in green whereas the only 15 was declined on 29th January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were BAJFINANCE, RELIANCE, TATAMOTORS, BHARTIARTL, ICICI BANK and the volume-wise were YES BANK, TATAMOTORS, SBIN, IOC, ITC.
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.