Published on 18/09/2019 9:26:47 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 11100 level - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10889 +47 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 1.69%, while the BSE Sensex 30 index lost 1.73%.

The biggest gainers of the session on the Nifty 50 were GAIL Ltd, which rose 1.85% or 2.40 points to trade at 131.90 at the close. Titan Company Ltd added 0.98% or 11.20 points to end at 1158.25 and Hindustan Unilever Ltd. was up 0.97% or 17.70 points to 1831.20 in late trade.

Biggest losers included Hero MotoCorp Ltd, which lost 6.25% or 171.05 points to trade at 2568.95 in late trade. Tata Motors Ltd declined 4.98% or 6.40 points to end at 122.00 and AXIS Bank Ltd shed 4.68% or 31.40 points to 640.45.

The breadth, indicating the overall health of the market, 1594 fell and 818 advanced, while 136 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.44% to 71.877.


Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 10780. The downside rally could be testing all the way up to 10600-10500 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 11100 level. Key resistance holds at 11100.


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