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Published on 23/08/2019 9:05:37 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could test up to 11000 level - Enrich Commodities

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Nifty Morning Outlook

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10706 - 13 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 1.62% to hit a new 6-month low, while the BSE Sensex 30 index lost 1.59%. The biggest gainers of the session on the Nifty 50 were Britannia Industries Ltd, which rose 1.72% or 40.90 points to trade at 2440.75 at the close.

Dr. Reddy’s Laboratories Ltd added 1.20% or 30.05 points to end at 2545.40 and Tech Mahindra Ltd was up 1.52% or 10.20 points to 682.75 in late trade. Biggest losers included Yes Bank Ltd, which lost 12.16% or 7.95 points to trade at 56.30 in late trade.

Vedanta Ltd declined 7.61% or 10.65 points to end at 129.05 and Indiabulls Housing Finance Ltd shed 5.18% or 25.05 points to 450.55.

The breadth, indicating the overall health of the market, 1876 fell and 501 advanced, while 117 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.65% to 71.890

 

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" 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 10700. The downside rally could be testing all the way up to 10600-10400 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 11000 level. Key resistance holds at 11000.

 

Technical Chart

 

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