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Published on 7/12/2018 10:01:22 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 10650-10750 levels - Enrich

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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10680.50 +56.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 1.69%, while the BSE Sensex 30 index declined 1.59%.

The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 1.11% or 4.60 points to trade at 420.15 at the close. Power Grid Corporation of India Ltd added 0.03% or 0.05 points to end at 183.50 and HDFC Bank Ltd was down 0.11% or 2.40 points to 2097.05 in late trade.

Biggest losers included Indiabulls Housing Finance Ltd, which lost 5.97% or 46.35 points to trade at 733.35 in late trade. Maruti Suzuki India Ltd. declined 4.67% or 353.05 points to end at 7209.70 and Tech Mahindra Ltd shed 4.38% or 31.85 points to 696.40.

The breadth, indicating the overall health of the market, 1752 fell and 717 advanced, while 140 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.30% to 70.875.

CASH FLOW ANALYSIS

FII DII Activity 6th December 2018, In the cash market today, FII’s bought 72 crores stock whereas DII’s sold 389 crores worth of stock. In the derivative market, FII’s sold 1722 crore of Index futures and bought 6642 crores worth of Index options. In the Stock futures segment, FII’s sold 1047 crores worth of stock futures and bought 17 crores stock options.

Technical outlook

Nifty daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bearish in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below the key support holding at 10550. The downside rally could be testing all the way up to 10400 and furthermore 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 10650-10750 levels. Key resistance holds at 10750.

 

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