Published on 10/01/2018 10:25:19 AM | Source: Enrich Commodities India Pvt Ltd

The market is expected to turn bearish as a small correction - Enrich Commodities


Pre-Market Wednesday! Asian market negative territory Nifty50 on the SGX were trading lower at 10635 -4 points on indicating flat opening for the NSE.

The Nifty 50 index rose 13.40 points or 0.13% to settle at 10,637, its record closing high. The index rose 35.55 points, or 0.33% at the days high of 10,659.15, a record high. The index fell 20 points, or 0.19% at the days low of 10,603.60.

The biggest gainers of the session on the Nifty50 were Coal India Ltd, which rose 5.76% or 16.55 points to trade at 304.05 at the close. Yes Bank Ltd added 2.32% or 7.75 points to end at 341.35 and Wipro Ltd was up 1.33% or 4.15 points to 317.20 in late trade.

Biggest losers included Zee Entertainment Enterprises Ltd. which lost 2.22% or 13.20 points to trade at 580.05 in late trade. Eicher Motors Ltd. declined 2.01% or 585.60 points to end at 28596.95 and Hindalco Industries Ltd. shed 1.47% or 4.05 points to 271.50.

The breadth, indicating the overall health of the market, 1602 fell and 1314 advanced, while 89 ended unchanged.

Rupee desk: The USD/INR rose 0.24 to 63.84


FII DII Activity 9th January FII’s sold 303 crores stock whereas DII’s bought 522 crores worth of stock. In the derivative market, FII’s bought 291 crore of Index futures and sold 101 crores worth of Index options. In the Stock futures segment, FII’s bought 360 crores worth of stock futures and sold 177 crores stock options.

Technical outlook

Nifty daily chart has formed “Rising Wedge” pattern. The last session seems to have formed a “Hammer” candlestick pattern which could be read as a trend reversal one. The market is expected to turn bearish as a small correction and the downside rallycould test all the way through 10600-10550 levels in the upcoming sessions. Alternatively, once market reaches the support slope line of the channel then it might turn bullish once again. Support holds at 10400

Technical Chart:

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