Published on 19/09/2019 11:39:54 AM | Source: Reliance Securities Ltd

NIFTY once again found support around sub-10,800 mark - Reliance Sec

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

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Technical Research


* On Wednesday, NSE-NIFTY begun the session on a firm note, but later failed to cross its R1 (then placed at 10,890 level) and reversed down quite sharply. On the lower side, NIFTY once again found support around sub-10,800 mark and twice tried to cross that resistance level during the day, but failed and finally, finished trade with the gain of 23 points at 10,841 level.

* NSE Cash segment reported turnover of Rs28,447 crore as compared to Rs31,616 crore reported earlier.

* Overall market breadth turned from negative to positive, where 921 stocks advanced against 847 declined stocks.

* Mix trend was observed across sector indices during the day, where Energy, Metal and Realty emerged as top gainers with the decrease of 1.1%-1.5%. However none of the sector indices has reported loss of more than 0.5%.


* Indian bourses ended on a flat to positive note as NSE-NIFTY remained sideways post two consecutive down ticks. On the daily chart, NIFTY has formed a trend reversal pattern-Bullish Harami, signals indecision and uncertainty of the undergoing trend. Despite recent trend reversal pattern, our near-term technical view will remain negative as fall in its momentum indicator-RSI and also, in its Stochastic oscillator post their negative cross-over signals near-term weakness. On the lower side, NIFTY will continue to find supports in the range of 10,600-10,500. However in case of rebound, the index will initially face hurdle around its make-or-break level 10,940 and then at 11,100 mark.

* As for the day, support is placed at around 10,740 and then at 10,630 levels, while resistance is observed at 10,890 and then at 10,940 levels.


Intraday Picks


For today’s trade, long position can be initiated in the range of Rs1310- 1304 for the target of Rs1346 with a strict stop loss of Rs1291.


For today’s trade, long position can be initiated in the range of Rs366- 363 for the target of Rs384 with a strict stop loss of Rs358.


For today’s trade, short position can be initiated in the range of Rs194-195 for the target of Rs186 with a strict stop loss of Rs198.


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