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NIFTY MORNING OUTLOOK
NIFTY MORNING OUTLOOK25/06/2019Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11711.50 -4.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.21%, while the BSE Sensex 30 index lost 0.18%.
The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 5.38% or 47.90 points to trade at 936.55 at the close. Yes Bank Ltd added 1.64% or 1.80 points to end at 111.95 and Mahindra & Mahindra Ltd. was up 1.47% or 9.25 points to 634.85 in late trade.
Biggest losers included JSW Steel Ltd, which lost 3.39% or 9.05 points to trade at 257.80 in late trade. Oil and Natural Gas Corporation Ltd declined 3.01% or 5.15 points to end at 165.20 and Eicher Motors Ltd. shed 3.27% or 644.20 points to 19098.20.
The breadth, indicating the overall health of the market, 1390 fell and 1026 advanced, while 173 ended unchanged on the India National Stock Exchange.
Rupee desk:The USD/INR was down 0.27% to 69.395.
CASH FLOW ANALYSIS
FII DII Activity 24th June 2019, In the cash market today, FII’s bought 207 crores stock whereas DII’s bought 984 crores worth of stock. In the derivative market, FII’s bought 316 crore of Index futures and sold 101 crores worth of Index options. In the Stock futures segment, FII’s sold 121 crores worth of stock futures and sold 47 crores stock options.
Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 11650. The downside rally could be testing all the way up to 11550-11420 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 11850 level. Key resistance holds at 11850.
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