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Published on 11/09/2019 11:40:56 AM | Source: Reliance Securities Ltd

NIFTY ended the day at 11,003 level, with the gain of 57 points - Reliance Sec

Posted in Market Outlook| #Market Outlook #Reliance Securities Ltd

Technical Research

MARKET SYNOPSIS

* On Monday, NSE-NIFTY recovered initial loss with the help of a sharp up-move and later advanced gradually. On the higher side, NIFTY faced hurdle around sub-11,030 mark and surrendered partial gains.

* Finally, NIFTY ended the day at 11,003 level, with the gain of 57 points.

* NSE Cash segment reported turnover of Rs26,182 crore as compared to Rs29,034 crore reported earlier.

* Overall market breadth remained positive for straight fourth trading session in a row, where 1192 stocks advanced against 639 declined stocks.

* Positive trend was observed across sector indices during the day barring IT (declined by 0.7%), where Infra and PSU Bank indices emerged as top gainers with the increase of 1.4% and 1.6%, respectively. 

NSE-NIFTY OUTLOOK

* Indian bourses continued its daily up-trend for straight fourth trading session in a row as NSE-NIFTY regained 11,000 mark. Its major technical indicators were positively poised above their averages post bullish divergence, signals undergoing positive momentum will continue but due to its downward slopping short-term as well as long-term moving averages, we believe up-side will be limited. Hence our view will remain cautious unless and until the index surpasses its crucial hurdle mark-11,200. In case of decline, NIFTY will continue to find supports in the range of 10,600-10,500.

* As for the day, support is placed at around 10,860 and then at 10,740 levels, while resistance is observed at 11,045 and then at 11,180 levels.

 

Intraday Picks

CUMMINSIND (PREVIOUS CLOSE: 577) BUY

For today’s trade, long position can be initiated in the range of Rs 568- 572 for the target of Rs.586 with a strict stop loss of Rs 564.

HINDUNILVR (PREVIOUS CLOSE: 1834) SELL

For today’s trade, short position can be initiated in the range of Rs 1845- 1850 for the target of Rs.1801 with a strict stop loss of Rs 1865.

L&TFH (PREVIOUS CLOSE: 93) BUY

For today’s trade, long position can be initiated in the range of Rs 91-92 for the target of Rs.96 with a strict stop loss of Rs 88.

 

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