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Published on 25/07/2019 11:32:11 AM | Source: Reliance Securities Ltd

NSE-NIFTY resumed its southward journey after an initial rebound - Reliance Securities

Posted in Top Stories| #Market Outlook #Reliance Securities Ltd

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MARKET SYNOPSIS

* On Wednesday, NSE-NIFTY resumed its southward journey after an initial rebound. Later NIFTY reported fall of 130 points (from its intraday high of 11,360 mark) and recovered partial loss on back of corresponding bounce back, but failed to surpass 11,300 level and reversed down thereafter. Finally, the index shut the shop at 11,271 mark, with cut of 60 points.

* NSE Cash segment reported turnover of Rs33,680 crore as compared to Rs32,335 crore reported earlier.

* Overall market breadth remained negative, where 563 stocks advanced against 1256 declined stocks.

* Negative trend was observed across sector indices during the day barring Media (rise by 1.7%), where Auto and Metal indices emerged as top losers with the decrease of 2% and 2.4%, respectively

 

NSE-NIFTY OUTLOOK

* Indian bourses continued its daily falling trend for straight fifth trading session in a row as NSE-NIFTY slipped to fresh 2-month low violating its crucial support point-11,300 mark (where its long-term moving average 200-day EMA and also, the short-term rising trend line were placed). Major technical indicators were negatively poised below its respective averages, signals further weakness in the index. In case of pullback, the index will face hurdles in the range of 11,520-11,600, where its short-term and medium-term moving averages placed. On the lower side, NIFTY will find major support around its prior swing low (11,110 mark).

* As for the day, support is placed at around 11,200 and then at 11,110 levels, while resistance is observed at 11,400 and then at 11,520 levels.

 

Intraday Picks

CONCOR (PREVIOUS CLOSE: 531) BUY

For today’s trade, long position can be initiated in the range of Rs 524- 527 for the target of Rs.540 with a strict stop loss of Rs 519.

IGL (PREVIOUS CLOSE: 323) SELL

For today’s trade, short position can be initiated in the range of Rs 326- 329 for the target of Rs.315 with a strict stop loss of Rs 332.

TATACHEM (PREVIOUS CLOSE: 593) SELL

For today’s trade, short position can be initiated in the range of Rs 596- 600 for the target of Rs.583 with a strict stop loss of Rs 604.

 

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