On Monday, the market was opened lower and stayed highly volatile. The market was traded in a range of 11500 to 11400. On the closing bell, Sensex tumbles more than 150 points, the Nifty index ends below 11500 and Niftybank index loses around 800 points.
Today, the Nifty index’s opened at 11491.15 went up to 11508.25 and closed at 11474.45 after making a low of 11390.80. The Niftybank index opened at 29674.80 and stayed volatile between 29754.40 to 28943.45 and closed at 2910315. Sensex opened at 38873.12 made a high of 38873.12 low 38401.09 and closed at 38667.33.
As per our last view, ‘if the Nifty index breaks and sustains above 11536 then it can move towards the resistance of 11600 to 11700 and if the Nifty index breaks and sustains below 11500 then it can again fell towards the support of 11400’ and today the Nifty index opened below 11500 and broken 11400.
For next day trading, if the Nifty index stays above 11500 then it can move up to the level of 11600 to 11700. If the Nifty index breaks below 11450 then further downside can be seen till 11400 or more.
From the above hourly chart, it can be seen that the Nifty index is making lower highs and lower lows. Today the index broke the support of 11400 and fell till 11390. In the last hour of trading, the index resists at near 11500 to 11510 and closed below it as we can see in the chart. Technically, the market is trading in a range, as the Nifty index from 11700 to 11300. Indicators such as MACD, Stochastic and RSI showing flat to positive momentum on the hourly chart.
The market is highly volatile and unpredictive, trade carefully and stay updated.
Trading zone for the Nifty index on 01st October 2019
Upside Resistance:- 11510, 11575, 11693.
Downside Support:- 11450, 11400, 11340.
In the Nifty 50, 22 stocks traded in green whereas the 28 were declined on 30th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, IBULHSGFIN, YESBANK, RELIANCE, HDFC, AXISBANK and the volume-wise were IDEA,YESBANK, IBULHSGFIN, ASHOKLEY, SBIN.
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.