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Published on 9/04/2019 9:46:45 AM | Source: Enrich Commodities India Pvt Ltd

Key resistance holds at 11750 -Enrich

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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11692 +9 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.53%, while the BSE Sensex 30 index declined 0.42%.

The biggest gainers of the session on the Nifty 50 were Mahindra & Mahindra Ltd., which rose 1.28% or 8.45 points to trade at 667.00 at the close. Tech Mahindra Ltd added 1.45% or 11.25 points to end at 787.15 and Tata Consultancy Services Ltd. was up 1.24% or 25.30 points to 2070.75 in late trade.

 Biggest losers included Indiabulls Housing Finance Ltd, which lost 4.76% or 42.95 points to trade at 859.35 in late trade. Hindustan Petroleum Corporation Ltd declined 4.26% or 11.25 points to end at 252.80 and Indian Oil Corporation Ltd shed 4.01% or 6.35 points to 152.05.

The breadth, indicating the overall health of the market, 1469 fell and 1033 advanced, while 149 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.63% to 69.665

 

CASH FLOW ANALYSIS

FII DII Activity 8th April 2019, In the cash market today, FII’s bought 329 crores stock whereas DII’s sold 623 crores worth of stock. In the derivative market, FII’s sold 864 crore of Index futures and bought 1173 crores worth of Index options. In the Stock futures segment, FII’s sold 1039 crores worth of stock futures and sold 50 crores stock options.

 

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” 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 a key support holding at 11550. The downside rally could be testing all the way up to 11500-11400 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 11650-11750 levels. Key resistance holds at 11750.

 

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