Nifty today closed higher + 17.35 points after the trading range 235 points on Friday and Sensex 100 points higher whereas Bank nifty closed in negative – 162.30 points at 28204.95.
Today market surges both up and downside because of the high volatility. On Friday, the Nifty opened lower at 10930.20 while the last close was 10980 and made the high of 11080.15 and the low 10848.95 during the trading session and finally settled in green at 10997.35 after the battle of bull and bear.
Now the 11000 is the level which is a key point for the Nifty for day trading. Still, the Nifty is in a downtrend as we knew, and the closing below of 11000 is a sign of continuing the trend. 11150 will be the resistance for the Nifty in the near term and downside support will be 10800 and 10580.
Above is the spot Nifty 50 hourly chart and it is clearly we can see that the Nifty is trading below of its downtrend and 100 DMA, 200 DMA respectively. From the above chart if we see the last bearish candle is engulfing its previous green candle which showing that the Nifty will continue its downward trend in the coming days.
For the trading day, 05 august 2019, 10975 will be the decisive level, if it breaks then the Nifty likely to fall downside towards 10800.
Trading range for 05 August 2019 of the Nifty
Upside Resistance :- 11100, 11206, 11325.
Downside Support :- 10850, 10745, 10580.
In the Nifty 50, 25 stocks traded in green where 25 were declined on 02 August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks was SBIN, HDFCBANK, RELIANCE, ICICIBANK, HDFC and the quantity wise stocks was ASHOKLEY, IDEA, YESBANK, SBIN, TATAMOTORS (Source nseindia.com).
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.