Published on 11/01/2018 10:29:11 AM | Source: Enrich Commodities India Pvt Ltd

The market is likely to retest the resistance level and turn overall bearish - Enrich Commodities

Posted in | #Market Outlook #Enrich Commodities India Pvt Ltd


NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market negative territory Nifty50 on the SGX were trading lower at 10623 -15 points on indicating flat opening for the NSE.

The Nifty 50 index fell 4.80 points or 0.05% to settle at 10,632.20, The index rose 18.50 points, or 0.17% at the days high of 10,655.50, a record high. The index fell 44.30 points, or 0.42% at the days low of 10,592.70.

The biggest gainers of the session on the Nifty50 were Tata Consultancy Services Ltd, which rose 3.47% or 94.00 points to trade at 2806.60 at the close. Wipro Ltd added 2.90% or 9.20 points to end at 326.70 and HCL Technologies Ltd was up 2.47% or 22.05 points to 915.85 in late trade.

Biggest losers included Eicher Motors Ltd, which lost 1.56% or 446.95 points to trade at 28097.50 in late trade. NTPC Ltd declined 1.39% or 2.45 points to end at 173.95 and UPL Ltd shed 1.57% or 12.45 points to 778.85.

The breadth, indicating the overall health of the market, 1565 fell and 1289 advanced, while 115 ended unchanged.

Rupee desk: The USD/INR decline 0.11 to 63.73

CASH FLOW ANALYSIS

FII DII Activity 10th January FII’s sold 572 crores stock whereas DII’s bought 600 crores worth of stock. In the derivative market, FII’s sold 241 crore of Index futures and bought 90 crores worth of Index options. In the Stock futures segment, FII’s bought 317 crores worth of stock futures and bought 2 crores stock options.

Technical outlook

Nifty 4hr chart has formed “Rectangle chart” pattern. The last few sessions seems consolidated near a major resistance level holding at 10650 as the prices have already broken out the pattern itself. The market is likely to retest the resistance level and turn overall bearish, testing all the way through 10550-10520 levels in the upcoming sessions. Alternatively, if market breaks above the major resistance level then it might continue in bullish momentum. Previous resistance become Support at 10540. Additional support holds at 10410.

Technical Chart:

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