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Published on 17/09/2019 9:27:48 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 11150 level - Enrich

Nifty Morning Outlook

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10988 -17 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.65%, while the BSE Sensex 30 index lost 0.70%.

The biggest gainers of the session on the Nifty 50 were Titan Company Ltd, which rose 2.10% or 23.60 points to trade at 1148.55 at the close. Britannia Industries Ltd added 1.51% or 40.45 points to end at 2715.05 and Oil and Natural Gas Corporation Ltd was up 1.28% or 1.65 points to 130.70 in late trade.

Biggest losers included Bharat Petroleum Corp. Ltd., which lost 7.31% or 29.85 points to trade at 380.00 in late trade. Mahindra & Mahindra Ltd. declined 2.68% or 14.75 points to end at 536.95 and UPL Ltd shed 2.40% or 13.85 points to 564.10.

The breadth, indicating the overall health of the market, 1319 rose and 1095 declined, while 161 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.80% to 71.540.

 

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 bearish momentum, once the same breaks below a key support holding at 10950. The downside rally could be testing all the way up to 10800-10700 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 11150 level. Key resistance holds at 11150.

Technical Chart

 

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