Published on 13/03/2019 9:37:54 AM | Source: Enrich Commodities India Pvt Ltd

The Market is expected to continue on bullish momentum based on the current price action - Enrich

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Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11311.50 -20.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 1.19% to hit a new 3-month high, while the BSE Sensex 30 index added 1.30%.

The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 5.00% or 16.70 points to trade at 351.80 at the close. IndusInd Bank Ltd. added 3.24% or 49.10 points to end at 1569.05 and ICICI Bank Ltd was up 3.42% or 12.85 points to 388.20 in late trade.

Biggest losers included Eicher Motors Ltd., which lost 2.62% or 602.55 points to trade at 22461.95 in late trade. Bajaj Finance Ltd declined 1.36% or 38.05 points to end at 2753.05 and Bharti Infratel Ltd shed 1.16% or 3.70 points to 316.35.

The breadth, indicating the overall health of the market, 1498 rose and 980 declined, while 272 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.00% to 69.720.


FII DII Activity 12th March 2019, In the cash market today, FII’s bought 2477 crores stock whereas DII’s sold 990 crores worth of stock. In the derivative market, FII’s bought 1975 crore of Index futures and sold 598 crores worth of Index options. In the Stock futures segment, FII’s bought 220 crores worth of stock futures and sold 74 crores stock options.


Technical outlook

Nifty daily chart has formed “Rising wedge” 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 based on the current price action, once the same breaks above a key resistance holding at 11330. The upside rally could be testing all the way up to 11400-11500 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 11200-11100 levels. Key support holds at 11100.

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