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Published on 16/07/2019 12:25:29 PM | Source: Reliance Securities Ltd

NSE Cash segment reported turnover of Rs29,544 crore - Reliance Securities

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

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MARKET SYNOPSIS

* On Monday, NSE-NIFTY jumped to 11,618 level after a stable start, but later failed to hold higher levels and slipped to 11,532 mark till the noon session. In the second half, the index oscillated in the narrow range before a minor rebound and finally, ended the day at 11,588 level, with the gain of 36 points.

* NSE Cash segment reported turnover of Rs29,544 crore as compared to Rs33,225 crore reported earlier.

* Overall market breadth turned from neutral to negative, where 590 stocks advanced against 1187 declined stocks.

* Mix trend was observed across sector indices during the day, where Pharma and IT emerged as top gainers with the increase of 1.1% and 2.9%, respectively. However PSU Bank index reported the highest loss (i.e. ~2.6%).

 

NSE-NIFTY OUTLOOK

* Indian bourses begun week on a subdued note as NSE-NIFTY continued its consolidation around the long-term moving average 100-day EMA for straight fifth trading session in a row. In the past, its 100-day EMA worked as a key reversal point and supported a sharp rebound. However its downward slopping short-term and medium-term moving averages and bearish technical indicators not coincides with possible rebound in the index. As mentioned earlier our bearish view will remain intact, where such pullback towards its short-term and medium-term moving averages cannot be ruled out, which were placed in the range of 11,690-11,710. However in case of decline, the index will find supports in the range of 11,400-11,300.

* As for the day, support is placed at around 11,530 and then at 11,460 levels, while resistance is observed at 11,650 and then at 11,700 levels.

 

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