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Published on 25/04/2019 9:22:42 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could test up to 11650-11550 level - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11724 -13 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 1.30%, while the BSE Sensex 30 index added 1.27%.

The biggest gainers of the session on the Nifty 50 were Hindustan Petroleum Corporation Ltd, which rose 6.04% or 15.40 points to trade at 268.80 at the close. UltraTech Cement Ltd added 5.57% or 233.75 points to end at 4394.65 and Bharat Petroleum Corp. Ltd. was up 3.75% or 12.60 points to 349.00 in late trade.

Biggest losers included Tata Motors Ltd, which lost 3.19% or 7.40 points to trade at 223.60 in late trade. Hero MotoCorp Ltd declined 0.84% or 22.15 points to end at 2611.90 and Coal India Ltd shed 0.59% or 1.50 points to 254.00.

The breadth, indicating the overall health of the market, 1209 rose and 1202 declined, while 147 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.18% to 69.845.

 

CASH FLOW ANALYSIS

FII DII Activity 24th April 2019, In the cash market today, FII’s bought 974 crores stock whereas DII’s sold 657 crores worth of stock. In the derivative market, FII’s bought 441 crore of Index futures and sold 124 crores worth of Index options. In the Stock futures segment, FII’s bought 382 crores worth of stock futures and bought 60 crores stock options.

 

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge”pattern. The last session ended up bullish in trend after few negative rallies inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11750. The upside rally could be testing all the way up to 11800-11900 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 11650-11550 level. Key support holds at 11550.

 

Technical Chart:

 


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