The market was highly volatile the whole week and traded in a range. This week, only three days market was opened for trading. In the weekly edition, we analyzing the whole week’s movement of the market and preparing for next week’s trading. However, this week Sensex gained 463.69 points and the spot Nifty and Banknifty lost -61.85, -214.90 points respectively.
This week Nifty was open higher at 11139.40 and swing high till 11145.90 low 10901.60 and closed at 11047.80. Bank nifty open at 28356.80 made a high of 28358.85 low 27683.50 and closed 28217.BSE Sensex 30 was opened lower at 36842.17 and traded in between 37807.55 to 36416.89 and settled above its last week closing at 37581.91. The whole scenario of the market is not looking so good and it seems that the volatility will continue in the coming days.
For the spot Nifty, 11030 will be the decisive level for the next week. If it holds and sustains above 11030 then the spot Nifty may move upside towards 11200-11300. If 11030 will broke then the market (Nifty) can slip till 10900.
Spot Nifty 50 weekly chart, as above we can see that it continues in an uptrend. The spot Nifty is trading above its 100 and 200 moving averages with support of up trend line. The price of the spot Nifty is sucking and try to sustain above its trend line. The spot Nifty closed with a bearish hanging man candle, it means that the buyers were unable to take the market in their hands hence the Nifty closed with a negative sign. Technically, the Nifty will be highly volatile and sudden up or down moves can be expected. Indicators like MACD showed negative crossover and diverting and RSl is near 40 showing weak momentum.
Our view on Nifty goes short on every rise till 11200. Due to the high volatility market looks uncertain.
Spot Nifty 50 trading range for the next week 19-08-19 to 23-08-19
Upside resistance(weekly):- 11162, 11275, 11400.
Downside support(weekly):- 11000, 10900, 10785.
|ALKEM||Final Dividend – Rs. – 8.0000||19 Aug 2019||20 Aug 2019|
|CONCOR||Final Dividend – Rs. – 8.5500||19 Aug 2019||20 Aug 2019|
|IBULHSGFIN||Interim Dividend – Rs. – 8.0000||19 Aug 2019||20 Aug 2019|
|INDIGO||Final Dividend – Rs. – 5.0000||19 Aug 2019||———-|
|PAGEIND||Interim Dividend – Rs. – 51.0000||19 Aug 2019||20 Aug 2019|
|VSTIND||Final Dividend – Rs. – 95.0000||19 Aug 2019||———-|
|SUNPHARMA||Dividend – Rs. – 2.7500||20 Aug 2019||———-|
|BPCL||Final Dividend – Rs. – 8.0000||21 Aug 2019||———-|
|ONGC||Final Dividend – Rs. – 0.7500||22 Aug 2019||23 Aug 2019|
|TIDEWATER||Final Dividend – Rs. – 75.0000||22 Aug 2019||———-|