On Friday, the market was open higher and stay highly volatile during the trading session. The market was settled in green due to the mega consolidation plan announcement for PSU banks by the government. Hence the Sensex, Nifty index and Niftybank gained 263.86, 74.95 and 122.65 points respectively.
The Nifty index opened at 10987.80 made a high of 11042.60 low 10874.80 and closed at 11023.25. Niftybank index opened at 27407.90 and stayed volatile in between 27586.50 to 27121.95 settled at 27427.85. The Sensex was traded in the range of 37397.97 to 36829.81 and closed at 37332.7 where open is 37222.26.
As per our last view, ‘if the nifty index will break and sustain above 10965 then it can go up till 11000 to 11150 and If the Nifty index will trade continue below of 10965 then it can fall towards 10900 to 10850’ and today’s high 11042.60 and low 10874.80.
For the next trading day, if the Nifty index will break and sustain below 10980 then it can fall till 10900 to 10800. If the Nifty index will trade continue above 11000 then it can move towards 11075 to 11150.
In the chart, we can see that the Nifty index is rose by taking the support of 10875 and broken the near resistance of 11000. The market is still trading below its major resistance. Technically, the market looks weak as it below its major resistance. It seems that the Nifty index will move towards its strong resistance of 11150 to 11200. Now the market is highly volatile so trade carefully and stay updated.
Trading zone for the Nifty index on 03RD September 2019
Upside Resistance:- 11075, 11150, 11200.
Downside Support:- 10980, 10910, 10875.
In the Nifty 50, 36 stocks traded in green whereas 14 were declined on 30th August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were RELIANCE, YESBANK, SBIN, AXISBANK, IBULHSGFIN, and the volume-wise were YESBANK, SBIN, TATAMOTORS, IBULHSGFIN, VEDL.