Today Nifty was open lower at 11034.05 while yesterday close was 11085.40 and made low of 10999.40 whereas high is 11145.30. The high of today 11145.30 is a strong resistance of Nifty spot and today exactly it touched this level and come back to closed at 11118.
The market was highly volatile today and huge ups and downs were seen in the market. Nifty spot today gain 32.60 points or + 0.29% whereas Sensex gain 83.88 points and closed at 37481.12 and the Nifty bank gain 84.40 points and closed at 28876.
The Nifty finally settled in green after the continue falls from 18 July 2019 excepting 26 July 2019. From this level, it seems that the market (Nifty) should have bounced back for few days or up to the level of 11200 to 11350 but the market is in downtrend and selling can be seen from the upper level.
For the trading days 01 August 2019 the Nifty spot can move up to 11225 to 11250 if sustain and hold above 11160. 11085 will be the key level for the Nifty, if 11085 will be break and trade below then the market (Nifty) likely to fall towards 11000 more probably can also break this.
Above is the Nifty spot daily chart, from the chart above it is seems that the Nifty spot completed the ‘M’ chart pattern which is a sign of reversal. Today Nifty spot open lower from its last closing and settled at higher of it’s last closed after the battle of bulls and bears in a highly volatile market.
There is a strong resistance of 200 DMA at 11145. Today Nifty spot touched 11145 and then settle below of it. Still, the downtrend is open and the market will fall again after nominal gain from this level.
Trading range for 01 AUGUST 2019
Upside Resistance :- 11175, 11235, 11306.
Downside Support :- 11030, 10940, 10850.
Top 5 Nifty Gainer and Loser
The most active stocks value wise was AXISBANK, YESBANK, RELIANCE, IBULHSGFIN, INDUSINDBK and the quantiwise stock was IDEA, YESBANK, CPSEETF, AXISBANK, DISHTV.