Today market was highly volatile and many of times huge up and down seen with the volume in the market and also suddenly market were fall and Nifty loses more than 100 points and closed below 11100 whereas Sensex falls more than 300 points and loses 289.13 points while bank-nifty tank more than 500 points suddenly and closed at 28791.60 whereas its yesterday close was 29295.90.
As per our earlier view, we have said that the market is in a downtrend and the market will fall continue, this is what we looking for nowadays in the market. We have recommended that the Nifty will achieve its strong support of 11108.30 which is today not only the market achieved this level but also broke and the Nifty closes below of 11100. Today the market was driven and drag by the banking sectors because banking stock lost 1-10% where RBLbank loses -11.29%, BOI loses -6.47% after the result posting, SBIN loses -4.73% UBI -4.83%, BOB –5.83% and Yesbank -9.18%.
Above is the daily spot Nifty 50 chart and The Nifty is continuing falling after breaking the uptrend line and now technically the Nifty is trading below its uptrend line and 100 DMA and today the Nifty broke its 200 DMA and closes below of it which we can see in the chart above.
For the trading day 31 July 2019, 11145 will be the strong resistance which is a 200 DMA. Today Nifty not only breaks its support but also closes below of the support which shows that the downtrend will continue.
Trading range for 31 July 2019
Upside Resistance :- 11210, 11335, 11450.
Downside Support :- 11017, 10950, 10750.
Top 5 Nifty Gainer and Loser
Today most active stocks value wise IBULHSGFIN, INDUSINDBK, RELIANCE, YESBANK, ICICIBANK.
Most active stocks quantity-wise were IDEA, CPSEETF, YESBANK, BEL, TATAMOTORS.
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.