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Published on 21/05/2019 9:38:34 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could test up to 11720-11600 level - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11880.50 +15.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 added 3.69% to hit a new all-time high, while the BSE Sensex 30 index gained 3.75%.

The biggest gainers of the session on the Nifty 50 were Indiabulls Housing Finance Ltd, which rose 10.62% or 76.80 points to trade at 814.55 at the close. Adani Port and Special Economic Zone Ltd added 10.99% or 40.35 points to end at 400.10 and IndusInd Bank Ltd. was up 8.77% or 120.45 points to 1494.65 in late trade.

Biggest losers included Dr. Reddy’s Laboratories Ltd, which lost 5.50% or 151.00 points to trade at 2589.40 in late trade. Zee Entertainment Enterprises Ltd. declined 3.00% or 11.15 points to end at 362.50 and Bajaj Auto Ltd shed 0.82% or 25.05 points to 3006.30.

The breadth, indicating the overall health of the market, 1957 rose and 595 declined, while 156 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.93% to 69.691.

 

CASH FLOW ANALYSIS

FII DII Activity 20th May 2019, In the cash market today, FII’s bought 1734 crores stock whereas DII’s sold 542 crores worth of stock. In the derivative market, FII’s bought 1070 crore of Index futures and bought 1537 crores worth of Index options. In the Stock futures segment, FII’s bought 792 crores worth of stock futures and bought 26 crores stock options.

 

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bullish in trend along with some corrections and a gap up inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11860. The upside rally could be testing all the way up to 11950-12000 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 11720-11600 level. Key support holds at 11600.

 

Technical Chart

 

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