Published on 12/07/2019 9:03:28 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 11720-11800 levels in upcoming sessions - Enrich Commodities

Now Get news on WhatsAppClick Here To Know More


Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11574.50 -7.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.73%, while the BSE Sensex 30 index added 0.69%.

The biggest gainers of the session on the Nifty 50 were Zee Entertainment Enterprises Ltd., which rose 7.59% or 25.25 points to trade at 354.80 at the close. JSW Steel Ltd added 4.96% or 12.65 points to end at 267.30 and Hero MotoCorp Ltd was up 4.59% or 110.05 points to 2507.80 in late trade.

Biggest losers included Tech Mahindra Ltd, which lost 1.41% or 9.50 points to trade at 665.70 in late trade. Bajaj Auto Ltd declined 1.22% or 33.40 points to end at 2711.70 and ICICI Bank Ltd shed 1.17% or 5.05 points to 426.55.

The breadth, indicating the overall health of the market, 1180 rose and 1156 declined, while 148 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.08% to 68.455.



FII DII Activity 11th July 2019, In the cash market today, FII’s sold 316 crores stock whereas DII’s bought 719 crores worth of stock. In the derivative market, FII’s bought 572 crore of Index futures and bought 1864 crores worth of Index options. In the Stock futures segment, FII’s bought 869 crores worth of stock futures and bought 66 crores stock options.


Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11630. The upside rally could be testing all the way up to 11720-11800 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 11450 level. Key support holds at 11450.


Technical Chart


To Read Complete Report & Disclaimer Click Here


Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer