NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive territory Nifty50 on the SGX were trading higher at 10707 +49 points on indicating gap up opening for the NSE.
The Nifty rose 19 points or 0.18% to settle at 10,651.20, its record closing high. The index advanced 32.40 points, or 0.3%, at the days high of 10,664.60, a record high. The index lost 19.85 points, or 0.18%, at the days low of 10,612.35.
The biggest gainers of the session on the Nifty50 were Infosys Ltd, which rose 2.30% or 24.25 points to trade at 1075.80 at the close. Indiabulls Housing Finance Ltd added 1.98% or 23.85 points to end at 1228.65 and Tech Mahindra Ltd was up 1.39% or 7.55 points to 551.70 in late trade. Biggest losers included IndusInd Bank Ltd. which lost 1.95% or 33.80 points to trade at 1700.30 in late trade. Wipro Ltd declined 2.04% or 6.65 points to end at 321.10 and Ambuja Cements Ltd. shed 1.52% or 4.20 points to 271.75 The breadth, indicating the overall health of the market, 1562 rose and 1300 declined, while 124 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR flat gain 0.03 to 63.76
CASH FLOW ANALYSIS
FII DII Activity 11th January FII’s sold 623 crores stock whereas DII’s bought 770 crores worth of stock. In the derivative market, FII’s sold 1186 crore of Index futures and bought 1362 crores worth of Index options. In the Stock futures segment, FII’s bought 152 crores worth of stock futures and sold 39 crores stock options.
Nifty 4hr chart has formed “Rectangle chart” pattern. The last few sessions seems consolidated near a major resistance level holding at 10650 as the prices have already broken out the pattern itself. The market is likely to retest the resistance level and turn overall bearish, testing all the way through 10600-10540 levels in the upcoming sessions. Alternatively, if market breaks above the major resistance level then it might continue in bullish momentum. Previous resistance become Support at 10540. Additional support holds at 10410.
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