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Nifty Morning Outlook
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11956.50 +59.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.23%, while the BSE Sensex 30 index gained 0.22%.
The biggest gainers of the session on the Nifty 50 were Bharti Infratel Ltd, which rose 2.14% or 5.85 points to trade at 279.65 at the close. IndusInd Bank Ltd. added 2.26% or 34.35 points to end at 1552.20 and Tech Mahindra Ltd was up 1.49% or 11.00 points to 750.75 in late trade.
Biggest losers included Dr. Reddy’s Laboratories Ltd, which lost 2.91% or 77.30 points to trade at 2580.70 in late trade. Yes Bank Ltd declined 2.37% or 3.40 points to end at 139.90 and Power Grid Corporation of India Ltd shed 1.79% or 3.50 points to 191.75.
The breadth, indicating the overall health of the market, 1370 fell and 1021 advanced, while 135 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.57% to 69.515.
CASH FLOW ANALYSIS
FII DII Activity 7th June 2019, In the cash market today, FII’s sold 478 crores stock whereas DII’s bought 179 crores worth of stock. In the derivative market, FII’s sold 287 crore of Index futures and bought 451 crores worth of Index options. In the Stock futures segment, FII’s bought 307 crores worth of stock futures and bought 55 crores stock options.
Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bearish 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 11800. The downside rally could be testing all the way up to 11700-11600 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 12000-12100 levels. Key resistance holds at 12100.
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