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Published on 12/06/2019 8:49:16 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 12100-12200 levels in upcoming sessions - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11955 -26 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 0.36%, while the BSE Sensex 30 index climbed 0.42%.

The biggest gainers of the session on the Nifty 50 were Zee Entertainment Enterprises Ltd., which rose 2.70% or 9.05 points to trade at 346.20 at the close. Oil and Natural Gas Corporation Ltd added 2.58% or 4.25 points to end at 169.25 and Tata Motors Ltd was up 2.83% or 4.70 points to 170.75 in late trade.

Biggest losers included Indiabulls Housing Finance Ltd, which lost 8.07% or 59.20 points to trade at 674.55 in late trade. Sun Pharmaceutical Industries Ltd. declined 2.62% or 10.55 points to end at 389.95 and Mahindra & Mahindra Ltd. shed 1.62% or 10.45 points to 636.85.

The breadth, indicating the overall health of the market, 1365 fell and 1099 advanced, while 147 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.11% to 69.437.

 

CASH FLOW ANALYSIS

FII DII Activity 11th June 2019, In the cash market today, FII’s bought 95 crores stock whereas DII’s sold 151 crores worth of stock. In the derivative market, FII’s bought 949 crore of Index futures and bought 858 crores worth of Index options. In the Stock futures segment, FII’s bought 562 crores worth of stock futures and sold 10 crores stock options.

 

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bullish 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 12000. The upside rally could be testing all the way up to 12100-12200 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 11880-11780 levels. Key support holds at 11780.

 

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