The market opened marginally higher after Diwali. On Tuesday, the bulls takes the market higher and closed positively. On the closing bell, the Nifty closed near 11800, Niftybank stayed above 29800 and Sensex holds above 39800. The Nifty index gains 160 points, Niftybank gains more than 350 points and Sensex gains 580 points.
Today, the Nifty index opened at 11643.95 went up to 11809.40 and closed at 11786.85 after making the low of 11627.35. The Niftybank index opened at 29527.60 and stayed volatile between 29997.65 to 29385.45 and closed at 29873.05. Sensex opened at 39293.49 made a high of 39917.01 low 39254.12 and closed at 39831.84.
As per our last view, ‘if the Nifty index breaks and sustains above 11650 then again it can go up and if the Nifty index breaks 11500 then further downside we can see in coming days’ and today the index goes up till 11810 after breaking 11650 and made a low of 11627.35.
For the next trading day if the Nifty index holds above 11710 then again it will go up till 12000. If the Nifty index breaks and sustains below 11700 then it can fall till 11600.
Above is a Nifty index’s hourly chart. From the chart above it can be seen that it is going up. The index shoots up after breaking the resistance of 11715. It has also broken up the downward line at 11635 and moved up till 11810. The market is likely to move towards 12000 in the coming days as it has broken near resistance. Technically, the market looks strong and positive and it can give further rally in the coming days. Today the Nifty index closed above the resistance of 11710 with the strong bullish candle, as the bull has tightened their muscles and taking the market up.
- Tax cut expectation pushes the market up.
- GOVT likely to order SFIO probe into DHFL financial irregularities.
- Tata motors PV market share slips to its lowest despite product and network expassion.
- Fed rate cut expectation sends the S&P 500 to record.
- Bharti infratel, Vodafone idea biggest losers.
- Welspun India gains 11% during the market hour, on trial cour nod for settlements of claims in the US.
- PMC depositors protest outside the RBI office seeking payback.
- Indigo close to mammoth 300-plane Airbus deal.
- Adani group partner with US-based digital realty to data center infra in India.
Trading zone for the Nifty index on 30th October 2019
Upside Resistance:- 11855, 11925, 12100.
Downside Support:- 11740, 11700, 11600.
In the Nifty 50, 39 stocks traded in green whereas the only 11 were declined unchanged on 29th October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were TATAMOTORS, YESBANK, RELIANCE, ICICIBANK, SBIN and the volume-wise were YESBANK, IDEA, TATAMOTORS, IBULHSGFIN, SBIN.
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.