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Published on 5/11/2018 9:51:39 AM | Source: Enrich Commodities India Pvt Ltd

Once the same breaks above a key resistance holding at 10600 - Enrich

NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10533 -56 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 1.66%, while the BSE Sensex 30 index climbed 1.68%.

The biggest gainers of the session on the Nifty 50 were Bharat Petroleum Corp. Ltd., which rose 6.19% or 17.55 points to trade at 302.35 at the close. Maruti Suzuki India Ltd. added 6.31% or 423.75 points to end at 7135.45 and Vedanta Ltd was up 6.67% or 14.20 points to 225.90 in late trade.

Biggest losers included Tech Mahindra Ltd, which lost 3.98% or 28.65 points to trade at 690.90 in late trade. Wipro Ltd declined 3.37% or 11.10 points to end at 318.40 and Dr. Reddy’s Laboratories Ltd shed 1.74% or 42.75 points to 2423.25.

The breadth, indicating the overall health of the market, 1538 rose and 1023 declined, while 134 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.76% to 72.540.

 

CASH FLOW ANALYSIS

FII DII Activity 2nd November 2018, In the cash market today, FII’s sold 196 crores stock whereas DII’s bought 852 crores worth of stock. In the derivative market, FII’s bought 1380 crore of Index futures and bought 2232 crores worth of Index options. In the Stock futures segment, FII’s bought 445 crores worth of stock futures and bought 271 crores stock options.

 

Technical outlook

Nifty daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bullish in trend, along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 10600. The upside rally could be testing all the way up to 10700- 10800 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 10350 level. Key support holds at 10350.

 

Technical Chart:

 

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