On Friday the market opened higher but unable to hold the gains and closed in the red. The market was highly volatile and traded under the pressure of bears. On the closing bell, the Nifty index end below 12000, the Niftybank index settled above 30800 and the Sensex closed at 40723.49. The Nifty index loses around -75 points, Niftybank index gains around 200 points and the Sensex lost around -200 points.

Today, the Nifty index opened at 12100.40 went up to 12103.35 and closed at 11962.10 after making a low of 11945.85. The Niftybank index opened at 30950.50 and stayed volatile between 31033.45 to 30691.80 and closed near 30833.60.

As per the last view, ‘if the Nifty index holds above 12000 then it can go up to 12065 to 12120 and 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’ and the index went up till 12103 and fell till 11945 after breaking 12000.

For the next trading, ‘if the Nifty index sustains below 12000 then it can fall further till 11900 to 11845 and if the Nifty index breaks above 12000 then it can go up to 12065 to 12160.

From the above hourly chart of the Nifty index, it can be seen that the index is resisting below 12100. The index is trading in a downtrend as in the chart above and today closed below 12000. Ahead of the union budget, the market is facing selling on every rise and closing below 12000 today is not a good sign for the buyers. Technically and sentimentally the index has broken its strong support of 12000 and closes below it. Now a days the market is highly volatile and uncertain. Due to a union budget, tomorrow’s uncertain and unexpected movement can be seen in the market.

NEWS HIGHLIGHTS

  • SBIN Q3 profit jumps 41%, assets quality improves.
  • L&T revives plans to sell the MF business.
  • Govt may raise the bank deposit cover to Rs. 20Lakh.
  • SEBI disposes of insider trading cases against SpiceJet’s former independent director.
  • Wipro CEO Abidali Neemuchwala steps down, co looking for a successor.
  • Jubilant Life Sciences Q3 net profit down 24%.
  • Bank Baroda partners CARE Rating to assess the credit quality of SMEs.
  • Infosys receives ISO 27701 accredited certification.

Trading zone for the Nifty index on 01st February 2020

Upside Resistance:-  12005, 12100, 12160.

Downside Support:-  11930, 11900, 11835.

Nifty 50

AdvancesDeclines
1634

In the Nifty 50, 16 stock traded in green whereas the 34 was declined on 31st January 2020.

Top 5 Nifty Gainer and Loser

Gainer%Loser%
KOTAK BANK3.71TATAMOTORS-4.99
SBIN2.38ONGC-4.50
INDUSINDBK1.91POWERGRID-3.65
BHARTIARTL1.40UPL-3.19
BAJAJ-AUTO1.16IOC-3.16

The most active value-wise stocks were SBIN, RELIANCE, KOTAK BANK, TATAMOTORS, INDUSINDBK and the volume-wise were YES BANK, SBIN, ONGC, TATAMOTORS, NTPC.