On Wednesday, the market opened higher and settled in green. The market is moving up in high volatility. On the closing bell, the Nifty index closed above 11800, Niftybank index unable to hold 30000 and settled below it and the Sensex stayed above 40000. Today the Nifty index gains 57.25 points, Niftybank gains 115 points and Sensex gains 220 points.

Today, the Nifty index opened at 11883.90 went up to 11883.95 and closed at 11844.10 after making the low of 11784.45. The Niftybank index opened at 30005.70 and stayed volatile between 30151.10 to 29753 and closed at 29987.50. Sensex opened at 40055.63 made a high of 40178.12 low 39805.11 and closed at 40051.87.

As per our last view, ‘if the Nifty index holds above 11710 then again it will go up till 12000 and if the Nifty index breaks and sustains below 11700 then it can fall till 11600’ today the market opened higher went up to 11884.

For the next trading day if the Nifty index breaks and sustain above 11885 then further rally can be seen till 12000. If the Nifty index breaks below 11780 then it can fell till 11700 to 11600.

From the above hourly chart of the Nifty index, it can be seen that it is going up following an uptrend channel. The Nifty index has made base near 11100 to 11150 and bounced back. Near support for the Nifty is 11700 and resistance 11990. From the chart, it can be seen that the index touched the channel resistance of 11715 and came down touched 11490 support. The Nifty bounced back following the lower band of the channel and tested the next resistance of 11890. Technically, the market looks positive and it can give further rally in the coming days.

NEWS HIGHLIGHTS

  • GOVT may float ‘amnesty’ scheme for unaccounted gold.
  • SEBI may lower margin requirements for hedged trades in the F&O segment.
  • Vodafone Idea: Not sought debt recast from any lender; continue to pay dues in a timely manner.
  • Reliance General Insurance scrapes IPO plan; withdraw offer documents.
  • IDBI sells over 0.72% stake in NSE.
  • Canara bank rises 2.6% following fund-raising proposals.
  • Graphite India dips on weak Q2.
  • Telecom stocks gain as GOVT forms committee to check financial stress.

Trading zone for the Nifty index on 31st October 2019

Upside Resistance:-    11890, 11940, 12035.

Downside Support:-  11835, 11790, 11700.

Nifty 50

Advances Declines
28 22

In the Nifty 50, 28 stocks traded in green whereas the 22 were declined unchanged on 30th October 2019.

Top 5 Nifty Gainer and Loser

Gainer % Loser %
GAIL 6.32 INFRATEL -5.25
GRASIM 3.55 YESBANK -3.61
SBIN 3.47 CIPLA -2.09
TCS 2.88 MARUTI -2.06
ITC 2.35 BRITANNIA -1.87

The most active value wise stocks were HDFCLIFE, TATAMOTORS, INFY, YESBANK, SBIN and the volume-wise were IDEA, YESBANK, TATAMOTORS, BHEL, IBULHSGFIN.