Published on 17/09/2019 11:07:51 AM | Source: Reliance Securities Ltd

NIFTY faced hurdle around sub11,050 level and reversed down - Reliance Sec

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

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Technical Research


* On Monday, NSE-NIFTY witnessed gap down opening and later reversed after visiting its S1 (10,990 mark) and recovered partial damages. On the higher side, NIFTY faced hurdle around sub11,050 level and reversed down. Later the index slipped to 10,968 mark and finally, closed the day at 11,004 level, with the loss of 72 points.

* NSE Cash segment reported turnover of Rs29,595 crore as compared to Rs30,667 crore reported earlier.

* Overall market breadth remained positive for straight eighth trading session in a row, where 957 stocks advanced against 809 declined stocks.

* Mix trend was observed across sector indices during the day, where none of the sector indices have reported gain of more than 0.6%. However Energy & PSU Bank indices emerged as top losers with the decrease of 1.3% each.


* Indian bourses begun week on an indecisive note as NSE-NIFTY failed to continue prior daily rising trend and formed Doji on the daily chart. Though their major daily technical indicators were positively poised above their averages, as mentioned earlier our technical view will remain cautious unless and until NIFTY manages to surpass its crucial hurdle point-11,200 mark convincingly. In case the index violates 10,940 mark, (coincides with its 38.2% Fibonacci Retracement level of prior up-move 10,637-11,142), near-term decline cannot be ruled out. On the lower side, NIFTY will continue to find supports in the range of 10,600-10,500.

* As for the day, support is placed at around 10,990 and then at 10,940 levels, while resistance is observed at 11,180 and then at 11,260 levels.


Intraday Picks


For today’s trade, long position can be initiated in the range of Rs2147- 2135 for the target of Rs2200 with a strict stop loss of Rs2114.


For today’s trade, long position can be initiated in the range of Rs1266- 1257 for the target of Rs1295-1315 with a strict stop loss of Rs1242.


For today’s trade, short position can be initiated in the range of Rs447-451 for the target of Rs438-433 with a strict stop loss of Rs457


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