Published on 23/09/2019 9:28:51 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 11500-11600 levels in upcoming sessions - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11494 +154 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 5.32% to hit a new 1-month high, while the BSE Sensex 30 index added 5.32%.

The biggest gainers of the session on the Nifty 50 were Eicher Motors Ltd., which rose 13.38% or 2107.50 points to trade at 17860.20 at the close. Hero MotoCorp Ltd added 12.34% or 312.40 points to end at 2862.90 and IndusInd Bank Ltd. was up 10.94% or 140.25 points to 1419.60 in late trade.

Biggest losers included Power Grid Corporation of India Ltd, which lost 2.68% or 5.40 points to trade at 196.20 in late trade. Zee Entertainment Enterprises Ltd. declined 2.87% or 8.85 points to end at 301.40 and Infosys Ltd shed 1.63% or 13.40 points to 805.00.

The breadth, indicating the overall health of the market, 1773 rose and 692 declined, while 138 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.37% to 71.105.


Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The last session ended up bullish in trend after few negative rallies inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11320. The upside rally could be testing all the way up to 11500-11600 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 11000 level. Key support holds at 11000.


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