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Published on 19/07/2019 11:58:36 AM | Source: Reliance Securities Ltd

NIFTY and supported a healthy rebound, due to negatively poised technical indicators - Reliance Securities

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

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MARKET SYNOPSIS

* Yesterday, NSE-NIFTY declined gradually post a dull start, where each and every bounce has faced fresh selling interest. In the last half an hour of the trade, the index witnessed sharp fall amidst weakness in the frontline majors and finally, shut the shop near to its intraday low of 11,582 level, with cut of 91 points.

* NSE Cash segment reported turnover of Rs33,623 crore as compared to Rs33,084 crore reported earlier.

* Overall market breadth turned from neutral to negative, where 437 stocks advanced against 1369 declined stocks.

* Negative trend was observed across sector indices during the day barring Financial Service and Media (advanced marginally). Metal, Auto and PSU Bank sector indices emerged as top losers with the decrease of 2.5%-3.2%.

 

NSE-NIFTY OUTLOOK

Indian bourses has breached prior daily rising trend as NSE-NIFTY reversed after visiting its short-term and medium-term moving averages (20-day and 50-day EMA, respectively) and formed a bearish reversal pattern-Evening Star. Though in the past its 100-day EMA worked as a key reversal point for NIFTY and supported a healthy rebound, due to negatively poised technical indicators and recent bearish formation probable rebound looks unlikely. In case the index violates its 11,540 mark (where its 100-day EMA and also, its intermediate rising trend line were placed), fresh leg of down move will take place. On the lower side, NIFTY will find supports in the range of 11,400-11,300, while on the other hand its short-term moving average (11,695 level) will cap the up-move.

As for the day, support is placed at around 11,540 and then at 11,460 levels, while resistance is observed at 11,695 and then at 11,775 levels.

 

Intraday Picks

GODREJCP (PREVIOUS CLOSE: 644) BUY

For today’s trade, long position can be initiated in the range of Rs 639- 641 for the target of Rs.655 with a strict stop loss of Rs 634.

PETRONET (PREVIOUS CLOSE: 244) SELL

For today’s trade, short position can be initiated in the range of Rs 247- 249 for the target of Rs.238 with a strict stop loss of Rs 251.

TORNTPOWER (PREVIOUS CLOSE: 304) SELL

For today’s trade, short position can be initiated in the range of Rs 307- 310 for the target of Rs.295 with a strict stop loss of Rs 312.

 

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