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Nifty Morning Outlook
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10916.50 -15.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.89%, while the BSE Sensex 30 index lost 0.72%.
The biggest gainers of the session on the Nifty 50 were Hero MotoCorp Ltd, which rose 1.64% or 43.75 points to trade at 2714.25 at the close. Infosys Ltd added 0.82% or 6.50 points to end at 799.45 and Bajaj Auto Ltd was up 0.41% or 11.25 points to 2764.80 in late trade.
Biggest losers included Tata Motors Ltd, which lost 9.57% or 11.85 points to trade at 112.40 in late trade. Yes Bank Ltd declined 8.64% or 6.15 points to end at 65.40 and Indiabulls Housing Finance Ltd shed 8.94% or 46.60 points to 483.55.
The breadth, indicating the overall health of the market, 1763 fell and 608 advanced, while 144 ended unchanged on the India National Stock Exchange.
Rupee desk:The USD/INR was down 0.05% to 71.498.
CASH FLOW ANALYSIS
FII DII Activity 20th August 2019, In the cash market today, FII’s sold 305 crores stock whereas DII’s bought 386 crores worth of stock. In the derivative market, FII’s sold 72 crore of Index futures and sold 801 crores worth of Index options. In the Stock futures segment, FII’s sold 326 crores worth of stock futures and sold 7 crores stock options.
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 10850. The downside rally could be testing all the way up to 10700-10600 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 11200 level. Key resistance holds at 11200.