On Thursday on the expiry of January series the market opened higher and stayed highly volatile and closed in the red. The market was highly volatile and traded under the pressure of bears. On the closing bell, the Nifty index holds above 12000, the Niftybank index settled below 30700 and the Sensex closed below 41000. The Nifty index loses around -100 points, Niftybank index loses around –250 points and the Sensex lost around -300 points.
Today, the Nifty index opened at 12147.75 went up to 12150.30 and closed at 12035.80 after making a low of 12010.60. The Niftybank index opened at 30889.25 and stayed volatile between 30910 to 30520 and closed near 30650.
As per the last view, ‘if the Nifty index sustains above 12135 then it can go up to 12170 to 12210 and if the Nifty index breaks below 12100 then it can fall till 12065 to 12000‘ and the index went up to 12150 and fell till 12010 after breaking 12100.
For the next day trading, if the Nifty index holds above 12000 then it can go up to 12065 to 12120. If the Nifty index breaks below 12000 then the market’s sentiment will change and a big fall can be seen till 11925 to 11785 in the coming days.
The Nifty has broken the hourly uptrend line as can be seen in the above chart but it is consolidating near the trend. On the expiration of the January series, the market was closed at the bear’s ends. Technically and sentimentally the Nifty’s 12000 levels will play an important role. The market is trading under the pressure of fears and greed of the global market and ahead of the union budget 2020.
NEWS HIGHLIGHTS
- Kotak Mahindra Bank’s relents allow promoters voting rights to be capped at 20% till March.
- EPFO blocks 9 lakh employee account after govt finds job incentives fraud.
- Raising sizeable capital could be challenging for Yes Bank.
- COAI urges govt to offer telcos 10-15 years for dues settlement.
- IOC Q3 standalone net profit up 315%.
- Rahul Bajaj to step down from executive role, to stay as non-executive chairman of Bajaj-auto.
- Govt plans to sell imported onions at Rs.22-23/kg to avoid rotting at the port.
- Govt restores a 2% additional duty incentive on mobile phone export.
Trading zone for the Nifty index on 31st January 2020
Upside Resistance:- 12065, 12120, 12170.
Downside Support:- 12000, 11935, 11850.
Nifty 50
| Advances | Declines |
| 10 | 40 |
In the Nifty 50, the only 10 stock traded in green whereas the 40 was declined on 30th January 2020.
Top 5 Nifty Gainer and Loser
| Gainer | % | Loser | % |
| BAJAJ-AUTO | 1.62 | YESBANK | -5.10 |
| ICICIBANK | 0.85 | BAJAJFINSV | -2.76 |
| POWERGRID | 0.83 | RELIANCE | -2.49 |
| EICHERMOT | 0.53 | HINDALCO | -2.40 |
| NTPC | 0.49 | ZEEL | -2.35 |
The most active value-wise stocks were BAJFINANCE, RELIANCE, TATAMOTORS, SBIN, ICICI BANK and the volume-wise were YES BANK, TATAMOTORS, SBIN, IOC, ONGC.
