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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10917.50 -29 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 1.14%, while the BSE Sensex 30 index fell 1.15%. The biggest gainers of the session on the Nifty 50 were Bharti Infratel Ltd, which rose 7.55% or 23.10 points to trade at 326.05 at the close. Kotak Mahindra Bank Ltd. added 1.09% or 14.00 points to end at 1299.40 and Lupin Ltd was up 1.45% or 11.95 points to 830.75 in late trade.
Biggest losers included Tata Motors Ltd, which lost 17.88% or 32.70 points to trade at 150.70 in late trade. Indiabulls Housing Finance Ltd declined 6.91% or 45.05 points to end at 613.90 and Vedanta Ltd shed 5.41% or 8.85 points to 154.15.
The breadth, indicating the overall health of the market, 1524 fell and 917 advanced, while 121 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.14% to 71.215.
CASH FLOW ANALYSIS
FII DII Activity 8th February 2019, In the cash market today, FII’s bought 843 crores stock whereas DII’s sold 960 crores worth of stock. In the derivative market, FII’s sold 224 crore of Index futures and bought 1877 crores worth of Index options. In the Stock futures segment, FII’s sold 798 crores worth of stock futures and sold 40 crores stock options.
Nifty daily chart has formed “Rising wedge” pattern. The last few sessions ended up bearish in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 10900. The downside rally could be testing all the way up to 10800-10700 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 11000-11100 levels. Key resistance holds at 11100.
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