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Nirmal Bang Securities Pvt Ltd

Published on 6/07/2020 9:57:48 AM

Bank Nifty:

Bank Nifty faces an immediate resistance around 22100 levels on the upside and on a decisive close above expect a rise to 22330-22600. There is an Immediate support at 21670-21300 levels.

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Nirmal Bang Securities Pvt Ltd

Published on 6/07/2020 9:57:31 AM

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 10670. Some pull back rally can be expected towards 10740-10800 mark. On the flip side 10550-10470 will act as strong support levels. It’s a stock specific market trade the calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 10670 and on a decisive close above expect a rise to 10740-10800 levels.

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Nirmal Bang Securities Pvt Ltd

Published on 6/07/2020 9:17:37 AM

Outlook on Nifty:

* Index is likely to open on a positive note today and is likely to remain positive during the day.

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Nirmal Bang Securities Pvt Ltd

Published on 6/07/2020 9:17:04 AM

Open Interest in Nifty Options:

* The above second chart shows previous trading day’s change in Nifty options where addition in OI were seen in 10600 strike Puts while liquidation was seen at 10600, 10700 11000 strike Calls indicating bullish undertone in the market for near term.

* Highest OI build-up is seen at 11000 strike Call and 10000 strike Put, to the tune of 6.22mn and 7.14mn respectively.

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Ventura Securities Ltd

Published on 6/07/2020 9:14:17 AM

US mkts closed, Nikkei+306, SGX Nifty 10680(+92). On Fri, FII?s+857cr in Cash market,+543cr in FNO. DII?s-332cr in cash market. Tdy Glenmark, IBullHsgFin, IDEA, SAIL in ban period in FNO. VENTURA

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Arihant Capital Markets Ltd

Published on 6/07/2020 9:11:13 AM

DAILY MARKET UPDATE REPORT 08-05-2020
   
Nifty opened up with a gap and traded in a narrow range throughout the day to close in green. On the daily chart, we are observing three consecutive narrow range body formations with higher highs. This suggests indecisiveness prevailing at current level. In coming trading session if prices traded above 10640 then it may test 10750 - 10850 levels.  On the downside, 10450 - 10350 levels may act as support for the day.

The undertone in the market is positive. However, the narrow range body formation with higher high gives small indication that a consolidation or minor correction cannot be ruled out. Hence cautiously positive approach at current level should be adopted as stock specific move is likely to continue.

Tags: Daily

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Enrich Commodities India Pvt.Ltd

Published on 6/07/2020 8:53:33 AM

Technical outlook

Nifty fut daily chart has formed "Rising wedge" pattern. The last few sessions ended up in sideways mode inside the channel. The market is expected to continue on bearish momentum based on current price action, testing all the way up to 10200 levels in the upcoming sessions. Alternatively, if the market opens on gap up based on SGX data breaking above a key resistance level holding near 10650, then it might revise the trend to bullish/sideways mode. Key support holds near 10200.

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Enrich Commodities India Pvt.Ltd

Published on 6/07/2020 8:53:22 AM

NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10650 +71.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 added 0.53% to hit a new 3-month high, while the BSE Sensex 30 index added 0.50%.

The biggest gainers of the session on the Nifty 50 were Eicher Motors Ltd., which rose 4.18% or 767.40 points to trade at 19121.00 at the close. Adani Port and Special Economic Zone Ltd added 4.12% or 14.30 points to end at 361.10 and Bharti Airtel Ltd. was up 4.08% or 22.80 points to 581.25 in late trade.

Biggest losers included JSW Steel Ltd, which lost 1.77% or 3.45 points to trade at 191.00 in late trade. Tata Steel Ltd declined 1.76% or 5.90 points to end at 329.00 and IndusInd Bank Ltd. shed 1.48% or 7.30 points to 487.50.

The breadth, indicating the overall health of the market, 1307 fell and 1258 advanced, while 136 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.10% to 74.666.

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LKP Securities

Published on 6/07/2020 8:52:19 AM

Opening Bell

Benchmarks to start new week on positive note

Indian markets pared some early gains but still ended higher on Friday, making it the third straight week to end with gains. Today, the start of new week is likely to be positive tracking firm cues from Asian peers. Traders will be getting some encouragement with report that in the fourth years of the goods and service tax (GST) regime, the government is determined to focus on the simplification of tax administration and ease of compliance for taxpayers. Some support will come with the latest data from the Reserve Bank of India (RBI) showing that after falling in the previous week, the country's foreign exchange reserves rose $1.27 billion to $506.84 billion in the week ended June 26. Investors will react to a report that farm activity has seen an uptick in June, aided by heavy rainfall, with 87% more area coming under cultivation of various key crops so far in the season compared to last year. 

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LKP Securities

Published on 6/07/2020 8:46:07 AM

Index closed a week above 10600 zone with gains of more than 2 percent forming a bullish candle on weekly chart. Index has good resistance near 10700-10800 zone and if index managed to sustain above 10700 zone quick short covering move can push index to 10800 zone, good support is shifted at 10500-10400 zone so until holding above said levels we may see strength to be there and one can use buy on dip strategy around said levels. Nifty bank closed a week again below 22k mark at 21852 with gains of 1.21 percent, support for nifty bank is coming near 21500-21200 zone and resistance is coming near 22300-22500 zone.

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