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Published on 24/04/2019 1:49:55 PM | Source: Reliance Securities Ltd

Support is placed at around 11,550 and then at 11,490 levels - Reliance Sec

Posted in Market Outlook| #Market Outlook #Reliance Securities Ltd

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MARKET SYNOPSIS

* Yesterday, NSE-NIFTY oscillated in the range of 11,650 - 11,600 for major part of the day and finally with a late trade sharp decline, finished trade at 11,576 level, with the loss of 19 points.

* NSE Cash segment reported turnover of Rs29,531 crore as compared to Rs27,099 crore reported earlier.

* Overall market breadth remained negative for straight third trading session in a row, where 735 stocks advanced against 1079 declined stocks.

* Mix trend was observed across all the sector indices during the day, where Pharma emerged as a top gainer with the increase of 1.1%. However, Auto index reported the highest decline (i.e. 1.4%). 

 

NSE-NIFTY OUTLOOK

* Bears took breadther post back to back down ticks as NSE-NIFTY ended the day on flat to negative note. Though major technical indicators are negatively poised below their respective averags, as mentioned earlier we will wait for the bearish confirmation. In case NIFTY violates its strong support point-placed at 11,550 mark-convincingly, short-term trend will turn in favor of bears. On the lower side, the index will find next support at 11,300 level. However major hurdle placed at 12,000 mark.

* As for the day, support is placed at around 11,550 and then at 11,490 levels, while resistance is observed at 11,670 and then at 11,710 levels.

 

Intraday Picks

BAJAJ-AUTO (PREVIOUS CLOSE: 3039) SELL

For today’s trade, short position can be initiated in the range of Rs 3050-3070 for the target of Rs.2960 with a strict stop loss of Rs 3100.

CONCOR (PREVIOUS CLOSE: 505) BUY

For today’s trade, long position can be initiated in the range of Rs 497- 501 for the target of Rs.516 with a strict stop loss of Rs 493.

PFC (PREVIOUS CLOSE: 117) SELL

For today’s trade, short position can be initiated in the range of Rs 118- 119 for the target of Rs.115 with a strict stop loss of Rs 120. 

 

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