NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11055.50 +32.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.68% to hit a new 3-month high, while the BSE Sensex 30 index climbed 0.78%.
The biggest gainers of the session on the Nifty 50 were Reliance Industries Ltd, which rose 4.05% or 42.10 points to trade at 1082.35 at the close. Bharat Petroleum Corp. Ltd. added 2.89% or 10.60 points to end at 377.35 and Wipro Ltd was up 2.46% or 6.70 points to 279.45 in late trade.
Biggest losers included UPL Ltd, which lost 4.21% or 25.40 points to trade at 581.95 in late trade. Vedanta Ltd declined 2.87% or 6.25 points to end at 211.40 and Bajaj Auto Ltd shed 2.04% or 64.45 points to 3096.70.
The breadth, indicating the overall health of the market, 1439 fell and 1116 advanced, while 157 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.45 to 68.535.
CASH FLOW ANALYSIS
FII DII Activity 12th July 2018, In the cash market today, FII’s sold 742 crores stock whereas DII’s bought 366 crores worth of stock. In the derivative market, FII’s bought 581 crore of Index futures and bought 3151 crores worth of Index options. In the Stock futures segment, FII’s bought 1164 crores worth of stock futures and sold 52 crores stock options.
Nifty daily chart has formed “Rising channel” pattern. The last session ended up consolidated but bullish in trend retesting the channel’s resistance slope line. The market is expected to continue on bearish momentum, testing all the way through 10950-10850 levels in upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 11050 then it might continue in bullish momentum. The upside rally could test 11100-11200 levels. Key support holds at 10850.
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