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Published on 16/09/2019 12:03:40 PM | Source: Reliance Securities Ltd

NIFTY finished trade at 11,076 level, with the gain of 93 points - Reliance Sec

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

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Technical Research

MARKET SYNOPSIS

* On Friday, NSE-NIFTY witnessed sharp decline post an initial rebound and later consolidated around its S1 (then placed at 10,940 level) till the noon trades. In the second half, the index bounced utilising prior consolidation and rose to 11,084 mark.

* Finally, NIFTY finished trade at 11,076 level, with the gain of 93 points.

* NSE Cash segment reported turnover of Rs30,667 crore as compared to Rs32,541 crore reported earlier.

* Overall market breadth remained positive for straight seventh trading session in a row, where 1155 stocks advanced against 676 declined stocks.

* Positive trend was observed across sector indices during the day barring Pharma (declined by 0.9%), where Metal, Realty and Energy indices emerged as top gainers with the increase of 1.4%, 1.5% and 2.2%, respectively.

NSE-NIFTY OUTLOOK

* Indian ended week on a firm note as NSE-NIFTY regained 11,000 mark and rose to 11-day closing high. Its major technical indicators were positively poised above their averages, signals undergoing positive momentum will continue. However its downward slopping long-term moving average and flat short-term moving average indicates that up-side will be limited. As mentioned earlier our view will remain cautious unless and until the index surpasses its crucial hurdle mark-11,200. In case of decline, 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

AMBUJACEM (PREVIOUS CLOSE: 201) BUY

For today’s trade, long position can be initiated in the range of Rs 197-199 for the target of Rs.206 with a strict stop loss of Rs 195.

MUTHOOTFIN (PREVIOUS CLOSE: 599) SELL

For today’s trade, short position can be initiated in the range of Rs 602-606 for the target of Rs.586 with a strict stop loss of Rs 611.

TORNTPOWER (PREVIOUS CLOSE: 280) BUY

For today’s trade, long position can be initiated in the range of Rs 276-278 for the target of Rs.290 with a strict stop loss of Rs 274.

 

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