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Published on 24/06/2019 9:40:46 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 11850 level - Enrich Commodities

 

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Nifty Morning Outlook

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11768 +14 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.91%, while the BSE Sensex 30 index declined 1.03%.

The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 2.20% or 19.15 points to trade at 890.10 at the close. Tech Mahindra Ltd added 1.44% or 10.45 points to end at 740.45 and Indiabulls Housing Finance Ltd was up 1.71% or 10.25 points to 612.00 in late trade.

Biggest losers included Yes Bank Ltd, which lost 4.50% or 5.15 points to trade at 109.60 in late trade. Maruti Suzuki India Ltd. declined 2.90% or 191.75 points to end at 6417.25 and Housing Development Finance Corporation Ltd shed 2.56% or 56.40 points to 2140.80.

The breadth, indicating the overall health of the market, 1238 fell and 1142 advanced, while 161 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.14% to 69.615.

 

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 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 11650. The downside rally could be testing all the way up to 11550-11420 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 11850 level. Key resistance holds at 11850

 

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