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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10735 -98.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.80%, while the BSE Sensex 30 index lost 0.69%.
The biggest gainers of the session on the Nifty 50 were Hindustan Unilever Ltd., which rose 2.45% or 44.35 points to trade at 1848.10 at the close. Housing Development Finance Corporation Ltd added 1.60% or 31.05 points to end at 1973.30 and HCL Technologies Ltd was up 0.95% or 9.80 points to 1051.05 in late trade.
Biggest losers included Sun Pharmaceutical Industries Ltd., which lost 5.80% or 25.70 points to trade at 412.95 in late trade. Hindalco Industries Ltd. declined 5.19% or 12.10 points to end at 221.35 and Tata Steel Ltd shed 4.03% or 21.70 points to 517.70.
The breadth, indicating the overall health of the market, 1713 fell and 763 advanced, while 136 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.04% to 70.606.
CASH FLOW ANALYSIS
FII DII Activity 5th December 2018, In the cash market today, FII’s sold 357 crores stock whereas DII’s sold 791 crores worth of stock. In the derivative market, FII’s sold 1164 crore of Index futures and sold 914 crores worth of Index options. In the Stock futures segment, FII’s sold 843 crores worth of stock futures and bought 309 crores stock options.
Nifty daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bearish in trend after few positive rallies inside the channel. The market is expected to continue on bearish momentum, once the same breaks below the key support holding at 10700. The downside rally could be testing all the way up to 10600-10500 levels 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 10850-10950 levels. Key resistance holds at 10950.
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