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Published on 20/06/2019 9:00:23 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could be testing all the way up to 11500-11400 levels in upcoming sessions - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11759 +40.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 declined 0.13%, while the BSE Sensex 30 index added 0.17%.

The biggest gainers of the session on the Nifty 50 were Tata Steel Ltd, which rose 5.40% or 25.50 points to trade at 494.10 at the close. Zee Entertainment Enterprises Ltd. added 5.14% or 17.45 points to end at 353.00 and Kotak Mahindra Bank Ltd. was up 2.75% or 40.15 points to 1497.80 in late trade.

Biggest losers included Indiabulls Housing Finance Ltd, which lost 8.49% or 51.80 points to trade at 555.50 in late trade. Yes Bank Ltd declined 4.89% or 5.35 points to end at 103.20 and UPL Ltd shed 4.67% or 46.70 points to 950.30.

The breadth, indicating the overall health of the market, 1811 fell and 666 advanced, while 112 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.38% to 69.725.

 

CASH FLOW ANALYSIS

FII DII Activity 19th June 2019, In the cash market today, FII’s sold 97 crores stock whereas DII’s sold 94 crores worth of stock. In the derivative market, FII’s bought 353 crore of Index futures and bought 894 crores worth of Index options. In the Stock futures segment, FII’s sold 574 crores worth of stock futures and bought 37 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 11640. 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. The upside rally could test up to 11800 level. Key resistance holds at 11800.

 

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