Home Daily Analysis Daily Analysis of Stock Market – NIFTY – 31st October 2019

Daily Analysis of Stock Market – NIFTY – 31st October 2019

by GSI Team
Daily-Analysis-of-Nifty

On Thursday, the market opened higher and stayed volatile. On the last trading day of October month, the market settled in green. On the closing bell, the Nifty index ends above 11850, the Niftybank index holds above 30000 and Sensex closed above 40100. Today the Nifty index gains 33.35 points, Niftybank gains 78 points and Sensex gains 77 points each.

Today, the Nifty index opened at 11890.45 went up to 11945 and closed at 11877.45 after making the low of 11855.10. The Niftybank index opened at 30168.65 and stayed volatile between 30415.65 to 29987.15 and closed at 30066.25. Sensex opened at 40211.99 made a high of 40392.22 low 40054.89 and closed at 40129.05.

As per our last view, ‘if the Nifty index breaks and sustain above 11885 then further rally can be seen till 12000 and if the Nifty index breaks below 11780 then it can fell till 11700 to 11600’ and today opened above 11885 went up to 11945.

For the next day trading if the Nifty index breaks and hold above 11900 then again it can move towards 11945 to 12000. If the Nifty index breaks below 11810 then it can fall till 11720.

Daily Analysis of Stock Market – NIFTY – 31st October 2019 1

From the above hourly chart, it can be seen that the Nifty index moving up following an uptrend channel. Today, the index touched the upper band of the channel and came down as we can see in the chart above. From the chart, it also can be seen 11720 is the near support. If the 11720 will be broken then further downside level can be seen in the coming days. Technically, the market looks strong and the Nifty index can give new high in the next few trading sessions.

NEWS HIGHLIGHTS

  • Sensex hits record high 40392.
  • Reliance Jio refutes COAI stance on the industry in a letter to the telecom minister.
  • SpiceJet overtakes Blue Dart in air cargo, IndiGo well ensconced at top.
  • Over one Lakh FD holders at risk as audit show fund diversions- Report.
  • SEBI invites bids to provide outsourced staff, security guards for office.
  • Yes Bank shares rally 39% on binding offer of $1.2 bn from the global investor.
  • SBIN shares jump 10% as brokerages retain buy call on healthy growth in FY21.
  • IndiGo becomes a member of global airlines body IATA.
  • Raghuram Rajan reminds FM Sitharaman: Two-third of his tenure as RBI Guv was under BJP.
  • Cadila healthcare gets EIR from USFDA for the Baddi facility.

Trading zone for the Nifty index on 1st November 2019

Upside Resistance:-    11900, 11950, 12000.

Downside Support:-  11840, 11800, 11720.

Nifty 50

Advances Declines
32 18

In the Nifty 50, 32 stocks traded in green whereas the 18 were declined unchanged on 31st October 2019.

Top 5 Nifty Gainer and Loser

Gainer % Loser %
YESBANK 23.77 JSWSTEEL -2.86
ZEEL 10.78 IOC -2.14
SBIN 7.80 TATASTEEL -2.06
GRASIM 4.77 AXISBANK -2.05
INFY 4.00 TECHM -2.04

The most active value wise stocks were YESBANK, SBIN, INFY, TATAMOTORS, RELIANCE and the volume-wise were YESBANK, IDEA, SBIN, TATAMOTORS, DISHTV.

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