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Published on 12/04/2019 10:32:43 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 11620-11720 level - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11639.50 -36.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 0.11%, while the BSE Sensex 30 index climbed 0.06%.

The biggest gainers of the session on the Nifty 50 were Indiabulls Housing Finance Ltd, which rose 2.54% or 20.95 points to trade at 845.80 at the close. Bajaj Finserv Ltd added 1.84% or 136.70 points to end at 7562.75 and Bharti Airtel Ltd. was up 2.00% or 6.80 points to 346.35 in late trade.

Biggest losers included Vedanta Ltd, which lost 3.79% or 7.15 points to trade at 181.15 in late trade. Tata Steel Ltd declined 1.18% or 6.45 points to end at 535.70 and Sun Pharmaceutical Industries Ltd. shed 1.41% or 6.65 points to 465.55.

The breadth, indicating the overall health of the market, 1294 fell and 1118 advanced, while 177 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.35% to 68.903.

 

CASH FLOW ANALYSIS

FII DII Activity 11th April 2019, In the cash market today, FII’s bought 476 crores stock whereas DII’s sold 16 crores worth of stock. In the derivative market, FII’s bought 28 crore of Index futures and bought 3244 crores worth of Index options. In the Stock futures segment, FII’s sold 744 crores worth of stock futures and sold 14 crores stock options.

 

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bearish 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 11550. The downside rally could be testing all the way up to 11500-11400 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 11620-11720 level. Key resistance holds at 11720.

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