Published on 2/12/2019 9:24:48 AM | Source: Enrich Commodities India Pvt Ltd

Nifty daily chart has formed `Rising wedge` pattern - Enrich Commodities

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Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading lower at 12089 -12 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.78%, while the BSE Sensex 30 index fell 0.82%.

The biggest gainers of the session on the Nifty 50 were Bharti Infratel Ltd, which rose 6.70% or 17.20 points to trade at 276.30 at the close. Adani Port and Special Economic Zone Ltd added 2.25% or 8.40 points to end at 382.05 and Bharti Airtel Ltd. was up 1.12% or 4.90 points to 442.45 in late trade.

Biggest losers included Zee Entertainment Enterprises Ltd., which lost 7.88% or 24.50 points to trade at 293.05 in late trade. Yes Bank Ltd declined 2.21% or 1.55 points to end at 68.30 and Hindustan Unilever Ltd. shed 2.55% or 53.15 points to 2035.30.

The breadth, indicating the overall health of the market, 1262 fell and 1179 advanced, while 171 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.34% to 71.745.


Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. The last few sessions ended up sideways in trend after a gap up formation inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 12000. The downside rally could be testing all the way up to 11800 level 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 12150 and furthermore levels. Key resistance holds at 12150.


Technical Chart



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