Published on 25/06/2019 9:32:34 AM | Source: Enrich Commodities India Pvt Ltd

Nifty daily chart has formed `Ascending broadening wedge` pattern - Enrich Commodities

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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.



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.


Technical outlook

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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