This week was highly volatile and event base. On the weekend day of this week market rallied upper side on after the announcement of the tax rate cut by the finance minister. The bulls are happy on rate cut and take the market interest hence, the Nifty index gains around 200 points, Niftybank index 882 points and Sensex 830 points respectively on a week to week closing basis.
On a weekly basis, the Nifty index opened at 10994.85 went up to 11381.90 and closed at 11274.20 after making the low of 10670.25. Niftybank index opened at 27868 and stay volatile between 29418.95 to 26643 settled at 28981.55. Sensex opened at 37204.56 made a high of 38378.02 low 35987.80 and closed at 38014.62.
As per our last week’s view, ‘above 11016 the Nifty index will be positive and below 11016 it can again fell towards 11000 to 10900’ and the Nifty index below 11016 tumbles till 10670 and shoots up to 11381.90 after breaking 11016.
For the next week, 11100 will be the decisive level ‘if the Nifty index sustain above 11100 then it will go up and if it breaks and trade below 11100 then it can further fall till 10900.
Above the weekly chart is showing that the Nifty index bounced back from the support. Over the past, it has been trading in a broad range of 10700 to 11100. After facing resistance near the levels of 11100, the Nifty index witnessed a significant decline this week but manage to find support near 10700.
From the above chart, it can be seen that the Nifty index broke its all near resistance. The index closed breaking almost seven-week highs with long bullish candles which have long shadows.
Technically, the market now looks positive on the weekly chart. Conversion in MACD and positive cross over in stochastic and RSI are the signals of the bull market.
Nifty index’s trading zone for the next week 23-09-19 to 27-09-19
Upside resistance(weekly):- 11400, 11550, 11820.
Downside support(weekly):- 11150, 11100, 10835.
|AJMERA||Final Dividend – Rs. – 3.3000||24 Sep 2019||————–|
|ICRA||Dividend – Rs. – 30.0000||24 Sep 2019||————–|
|TEXRAIL||Right Issue of Equity Shares||24 Sep 2019||25 Sep 2019|
|AARTIIND||Bonus issue 1:1||27 Sep 2019||28 Sep 2019|
|KAMDHENU||Dividend – Rs. – 1.0000||26 Sep 2019||————–|
|MODEX||Bonus issue 1:1||26 Sep 2019||————–|
|SUPERSHAKT||Bonus issue 1:1||26 Sep 2019||28 Sep 2019|
|HGS||Final Dividend – Rs. – 2.5000||25 Sep 2019||————–|
|ADVANIHOTR||Interim Dividend – Rs. – 0.8000||26 Sep 2019||27 Sep 2019|
|SAHLIBHFI||Final Dividend – Rs. – 1.2000||24 Sep 2019||————–|
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.