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Nifty Morning Outlook
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11052.50 -45 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.93% to hit a new 3-month low, while the BSE Sensex 30 index declined 0.77%.
The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 3.99% or 13.35 points to trade at 345.75 at the close. Tata Consultancy Services Ltd. added 2.17% or 46.30 points to end at 2179.15 and HCL Technologies Ltd was up 0.74% or 7.55 points to 1023.60 in late trade.
Biggest losers included Yes Bank Ltd, which lost 9.45% or 8.95 points to trade at 86.05 in late trade. IndusInd Bank Ltd. declined 7.16% or 102.60 points to end at 1337.30 and Indiabulls Housing Finance Ltd shed 6.57% or 36.80 points to 523.90.
The breadth, indicating the overall health of the market, 1868 fell and 537 advanced, while 101 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.15% to 68.850.
CASH FLOW ANALYSIS
FII DII Activity 29th July 2019, In the cash market today, FII’s sold 704 crores stock whereas DII’s bought 1351 crores worth of stock. In the derivative market, FII’s sold crore of Index futures and bought crores worth of Index options. In the Stock futures segment, FII’s bought crores worth of stock futures and bought crores stock options.
Nifty daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up bearish 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 11020. The downside rally could be testing all the way up to 11900-11800 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 11200-11300 levels. Key resistance holds at 11300.
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