NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10588 +28 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.27%, while the BSE Sensex 30 index fell 0.17%.
The biggest gainers of the session on the Nifty 50 were State Bank of India, which rose 3.77% or 10.75 points to trade at 294.95 at the close. AXIS Bank Ltd added 2.04% or 12.45 points to end at 624.40 and UPL Ltd was up 2.13% or 15.15 points to 724.30 in late trade.
Biggest losers included Cipla Ltd., which lost 7.35% or 44.60 points to trade at 563.05 in late trade. Indian Oil Corporation Ltd declined 5.16% or 7.65 points to end at 140.30 and Indiabulls Housing Finance Ltd shed 4.35% or 37.90 points to 834.10.
The breadth, indicating the overall health of the market, 1289 fell and 1249 advanced, while 153 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.02% to 73.075.
CASH FLOW ANALYSIS
FII DII Activity 5th November 2018, In the cash market today, FII’s bought 12 crores stock whereas DII’s sold 621 crores worth of stock. In the derivative market, FII’s sold 481 crore of Index futures and bought 2190 crores worth of Index options. In the Stock futures segment, FII’s sold 531 crores worth of stock futures and bought 56 crores stock options.
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.
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