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Published on 19/07/2019 8:58:33 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could be testing all the way up to 11400-11300 levels in upcoming sessions - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11635.50 +33.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.78%, while the BSE Sensex 30 index fell 0.81%.

The biggest gainers of the session on the Nifty 50 were Wipro Ltd, which rose 3.14% or 8.15 points to trade at 269.10 at the close. Housing Development Finance Corporation Ltd added 2.24% or 51.30 points to end at 2345.15 and Zee Entertainment Enterprises Ltd. was up 2.12% or 7.50 points to 360.10 in late trade.

Biggest losers included Yes Bank Ltd, which lost 12.70% or 12.50 points to trade at 85.80 in late trade. Oil and Natural Gas Corporation Ltd declined 4.40% or 6.60 points to end at 143.40 and Tata Motors Ltd shed 4.11% or 6.90 points to 160.75.

The breadth, indicating the overall health of the market, 1685 fell and 709 advanced, while 135 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.17% to 68.947.

 

CASH FLOW ANALYSIS

FII DII Activity 17th July 2019, In the cash market today, FII’s sold 17 crores stock whereas DII’s bought 209 crores worth of stock. In the derivative market, FII’s sold 385 crore of Index futures and bought 2302 crores worth of Index options. In the Stock futures segment, FII’s sold 203 crores worth of stock futures and bought 36 crores stock options.

 

Technical outlook

Nifty daily chart has formed "Rising channel" 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 11550. The downside rally could be testing all the way up to 11400-11300 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 11700 level. Key resistance holds at 11700.

 

Technical Chart

 

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