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Published on 30/05/2019 9:57:21 AM | Source: Enrich Commodities India Pvt Ltd

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

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Nifty

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11874.50 +10.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.57%, while the BSE Sensex 30 index declined 0.62%.

The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 2.25% or 9.30 points to trade at 423.80 at the close. Bharti Infratel Ltd added 2.51% or 6.75 points to end at 275.70 and Tata Consultancy Services Ltd. was up 1.95% or 40.45 points to 2107.55 in late trade.

Biggest losers included State Bank of India, which lost 3.29% or 11.85 points to trade at 348.65 in late trade. Tata Steel Ltd declined 2.86% or 14.50 points to end at 493.30 and ICICI Bank Ltd shed 2.49% or 10.80 points to 423.30.

The breadth, indicating the overall health of the market, 1456 fell and 1024 advanced, while 149 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.27% to 69.834.

CASH FLOW ANALYSIS

FII DII Activity 29th May 2019, In the cash market today, FII’s sold 304 crores stock whereas DII’s sold 189 crores worth of stock. In the derivative market, FII’s sold 734 crore of Index futures and bought 2493 crores worth of Index options. In the Stock futures segment, FII’s sold 791 crores worth of stock futures and sold 15 crores stock options.

Technical outlook

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, testing all the way up to 11720-11650 levels in upcoming sessions. Alternatively, if the market break above a key resistance holding at 10950 then it might turn bullish once again. The upside rally could test up to 12050-12150 levels. Key support holds at 11650.

Technical Chart

 

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