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Published on 9/10/2019 11:19:34 AM | Source: Reliance Securities Ltd

NSE-NIFTY witnessed sharp bounced back post an initial decline - Reliance Securities

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

Technical Research

MARKET SYNOPSIS

* On Monday, NSE-NIFTY witnessed sharp bounced back post an initial decline, wherein the index found support around sub-11,100 level. On the higher side, NIFTY faced hurdle around sub-11,230 level and later revisited its intraday low before closing the session. Finally, NIFTY shut the shop at 11,126 level, with cut of 48 points.

* NSE Cash segment reported turnover of Rs30,789 crore as compared to Rs34,917 reported earlier.

* Overall market breadth remained negative, where 608 stocks advanced against 1179 declined stocks.

* Mix trend was observed across sector indices during the day, where Media emerged as a top gainer with the increase of 1.3%. However Pharma index reported the highest decline (i.e. 3.4%).

NSE-NIFTY OUTLOOK

* Indian bourses begun week on a negative note as NSE-NIFTY continued its southward journey for straight sixth trading session in a row and once again settled below 11,200 mark. Our near-term bearish view will remain intact, as its momentum indicators were negatively poised below their averages. On the lower side, now NIFTY will find supports at 11,000 and then at 10,600 levels. However in case of any rebound, the index will initially face the hurdles around 11,400 level.

* As for the day, support is placed at around 11,100 and then at 11,000 levels, while resistance is observed at 11,230 and then at 11,280 levels.

 

Intraday Picks

CUMMINSIND (PREVIOUS CLOSE: 561) BUY

For today’s trade, long position can be initiated in the range of Rs 554- 558 for the target of Rs.572 with a strict stop loss of Rs 54.

ICICIPRULI (Previous Close: 452) SELL

For today’s trade, short position can be initiated in the range of Rs 457- 460 for the target of Rs.440 with a strict stop loss of Rs 464.

MARICO (PREVIOUS CLOSE: 379) SELL

For today’s trade, short position can be initiated in the range of Rs 383- 385 for the target of Rs.375 with a strict stop loss of Rs 389.

 

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