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Published on 19/09/2019 11:39:54 AM | Source: Reliance Securities Ltd

NIFTY once again found support around sub-10,800 mark - Reliance Sec

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

Technical Research

MARKET SYNOPSIS

* On Wednesday, NSE-NIFTY begun the session on a firm note, but later failed to cross its R1 (then placed at 10,890 level) and reversed down quite sharply. On the lower side, NIFTY once again found support around sub-10,800 mark and twice tried to cross that resistance level during the day, but failed and finally, finished trade with the gain of 23 points at 10,841 level.

* NSE Cash segment reported turnover of Rs28,447 crore as compared to Rs31,616 crore reported earlier.

* Overall market breadth turned from negative to positive, where 921 stocks advanced against 847 declined stocks.

* Mix trend was observed across sector indices during the day, where Energy, Metal and Realty emerged as top gainers with the decrease of 1.1%-1.5%. However none of the sector indices has reported loss of more than 0.5%.

NSE-NIFTY OUTLOOK

* Indian bourses ended on a flat to positive note as NSE-NIFTY remained sideways post two consecutive down ticks. On the daily chart, NIFTY has formed a trend reversal pattern-Bullish Harami, signals indecision and uncertainty of the undergoing trend. Despite recent trend reversal pattern, our near-term technical view will remain negative as fall in its momentum indicator-RSI and also, in its Stochastic oscillator post their negative cross-over signals near-term weakness. On the lower side, NIFTY will continue to find supports in the range of 10,600-10,500. However in case of rebound, the index will initially face hurdle around its make-or-break level 10,940 and then at 11,100 mark.

* As for the day, support is placed at around 10,740 and then at 10,630 levels, while resistance is observed at 10,890 and then at 10,940 levels.

 

Intraday Picks

PIDILITIND (PREVIOUS CLOSE: 1310) BUY

For today’s trade, long position can be initiated in the range of Rs1310- 1304 for the target of Rs1346 with a strict stop loss of Rs1291.

STAR (PREVIOUS CLOSE: 366) BUY

For today’s trade, long position can be initiated in the range of Rs366- 363 for the target of Rs384 with a strict stop loss of Rs358.

COALINDIA (PREVIOUS CLOSE: 192) SELL

For today’s trade, short position can be initiated in the range of Rs194-195 for the target of Rs186 with a strict stop loss of Rs198.

 

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