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Published on 21/06/2019 9:30:46 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 11950-12100 levels - Enrich Commodities

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Nifty Morning Outlook

Pre-Market   Friday!   Asian   market positive trading, Nifty50 on the SGX were  trading  lower  at  11855 -10 points    on    indicating    gap    down opening for the NSE.

At  the  close  in  NSE,  the  Nifty  50 gained 1.20%, while the BSE Sensex 30 index gained 1.25%.

The biggest gainers of the session on the Nifty 50 were Yes Bank Ltd, which rose 11.43% or 11.80 points to trade at 114.55 at the close. Indiabulls Housing Finance Ltd added 8.55% or 47.50 points to end at 599.75 and Sun Pharmaceutical Industries Ltd. was up 3.68% or 13.80 points to 390.50 in late trade.

Biggest losers included UPL Ltd, which lost 8.45% or 80.30 points to trade at 870.25 in late  trade.  Wipro  Ltd declined  2.48%  or  7.30  points  to  end  at  286.95  and  Adani  Port and Special Economic Zone Ltd shed 1.34% or 5.45 points to 401.20.

The breadth, indicating the overall health of the market, 1465 rose and 984 declined, while 128 ended unchanged on the India National Stock Exchange.

Rupee desk:The USD/INR was down 0.03% to 69.582.

 

CASH FLOW ANALYSIS

FII DII Activity 20th June 2019, In the cash market today, FII’s sold 438 crores stock whereas DII’s bought 1241 crores worth of stock. In the derivative market, FII’s sold 236 crore  of  Index  futures  and  bought  1508  crores  worth  of  Index  options.  In  the  Stock futures segment, FII’s bought 1075 crores worth of stock futures and bought 133 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  thesame  breaks  above  a  key resistance holding at 11850. The upside rally could be testing all the way up to 11950-12100 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. Thedownside rally could test up to 11650 level. Key support holds at 11650.

 

 

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