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Market Weekly Analysis Edition – NIFTY – 23rd SEPTEMBER 2019 – 27th SEPTEMBER 2019

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This week was highly volatile and event base. The market was witnessed sudden up and down this week and undirected. On the first day of the week, we have seen a gap up opening and settled above its last week closing. On the weekly closing, the Nifty index gains around 240 points, Niftybank index settled almost with 900 pints gain and Sensex rose more than 800 points last week.

On a weekly basis, the Nifty index opened at 11542.70 went up to 11694.85 and closed at 11512.40 after making the low of 11416.10. Niftybank index opened at 30039.40 and stay volatile between 30801.30 to 29470.10 settled at 29876.65. Sensex opened at 38844 made a high of 39441.12 low 38510.97 and closed at 38822.57.

As per our last view, 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’ this week the market stays above 11100 and went to 11694.

For next week’s trading, if the Nifty index sustains above 11550 then again it can move up till 11700. If the Nifty index breaks and trade below 11400 then further downwards level can be seen.

From the above weekly chart of the Nifty index, it can be seen that the index is trading above its support of 11635 followed by a slight uptrend line. The Nifty index bounced around one thousand points from the support. The index was opened in gap up after closing above its short term resistance of 11181 went till 11700. Technically, the Nifty index seems to be traded between 11700 to 11200. The market looks highly volatile and unpredictive hence it became highly trade risk.

Nifty index’s trading zone for the next week 30-09-19 to 04-10-19

Upside resistance(weekly):-  11550, 11700, 12100.

Downside support(weekly):- 11400, 11265, 11100.


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GSI Team

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