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Published on 27/05/2019 9:15:16 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could test up to 11720-11600 levels - Enrich Commodities

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NIFTY MORNING OUTLOOK 

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11854 +175 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 added 1.60% to hit a new all-time high, while the BSE Sensex 30 index gained 1.61%.

The biggest gainers of the session on the Nifty 50 were ICICI Bank Ltd, which rose 5.27% or 21.65 points to trade at 431.75 at the close. Larsen & Toubro Ltd added 4.13% or 60.90 points to end at 1544.15 and Zee Entertainment Enterprises Ltd. was up 4.16% or 15.00 points to 376.85 in late trade.

Biggest losers included Tech Mahindra Ltd, which lost 0.85% or 6.30 points to trade at 735.85 in late trade. NTPC Ltd declined 0.27% or 0.35 points to end at 129.15 and Tata Consultancy Services Ltd. shed 0.20% or 4.05 points to 2048.00. The breadth, indicating the overall health of the market, 1784 rose and 644 declined, while 150 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.17% to 69.566.

 

CASH FLOW ANALYSIS

FII DII Activity 24th May 2019, In the cash market today, FII’s bought 2026 crores stock whereas DII’s sold 195 crores worth of stock. In the derivative market, FII’s sold 9 crore of Index futures and bought 3012 crores worth of Index options. In the Stock futures segment, FII’s sold 364 crores worth of stock futures and bought 40 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 bullish momentum, once the same breaks above a key resistance holding at 11900. The upside rally could be testing all the way up to 12000-12100 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 11720-11600 levels. Key support holds at 11600.

 

Technical Chart

 

 

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