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Published on 5/07/2019 9:03:02 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 Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 12002.50 +22.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 added 0.25%, while the BSE Sensex 30 index climbed 0.17%.

The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 6.87% or 44.75 points to trade at 698.35 at the close. Bharti Airtel Ltd. added 2.52% or 8.90 points to end at 362.75 and Indiabulls Housing Finance Ltd was up 1.40% or 9.65 points to 703.85 in late trade.

Biggest losers included Yes Bank Ltd, which lost 3.06% or 3.05 points to trade at 96.25 in late trade. Tata Steel Ltd declined 3.14% or 16.00 points to end at 495.30 and Titan Company Ltd shed 2.90% or 38.50 points to 1290.35.

The breadth, indicating the overall health of the market, 1188 rose and 1166 declined, while 156 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.39% to 68.520.

 

CASH FLOW ANALYSIS

FII DII Activity 4th July 2019, In the cash market today, FII’s sold 29 crores stock whereas DII’s bought 58 crores worth of stock. In the derivative market, FII’s sold 4 crore of Index futures and bought 764 crores worth of Index options. In the Stock futures segment, FII’s bought 312 crores worth of stock futures and sold 15 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. The downside rally could test up to 11750 level. Key support holds at 11750.

 

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