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Published on 15/05/2019 9:20:11 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 11350- 11450 - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11263.50 +2.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.66%, while the BSE Sensex 30 index added 0.61%.

The biggest gainers of the session on the Nifty 50 were Indiabulls Housing Finance Ltd, which rose 6.49% or 42.80 points to trade at 697.00 at the close. Bharti Airtel Ltd. added 6.07% or 19.35 points to end at 336.60 and Sun Pharmaceutical Industries Ltd. was up 5.63% or 22.40 points to 419.45 in late trade.

Biggest losers included Tech Mahindra Ltd, which lost 3.08% or 25.20 points to trade at 790.05 in late trade. Tata Consultancy Services Ltd. declined 1.55% or 32.95 points to end at 2092.35 and Bajaj Finance Ltd shed 1.57% or 46.10 points to 2881.85.

The breadth, indicating the overall health of the market, 1238 fell and 1170 advanced, while 125 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.23% to 70.382.

 

CASH FLOW ANALYSIS

FII DII Activity 13th May 2019, In the cash market today, FII’s sold 2011 crores stock whereas DII’s bought 2242 crores worth of stock. In the derivative market, FII’s sold 702 crore of Index futures and sold 1556 crores worth of Index options. In the Stock futures segment, FII’s bought 409 crores worth of stock futures and bought 26 crores stock options.

 

Technical Outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last session ended up bullish in trend after few negative rallies inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11280. The upside rally could be testing all the way up to 11350- 11450 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 11100 level. Key support holds at 11100.

 

Technical Chart:

 

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