Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11398 +8 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.65%, while the BSE Sensex 30 index declined 0.59%.
The biggest gainers of the session on the Nifty 50 were GAIL Ltd, which rose 3.32% or 12.05 points to trade at 375.45 at the close. Tech Mahindra Ltd added 2.64% or 17.05 points to end at 659.95 and Sun Pharmaceutical Industries Ltd. was up 1.95% or 10.80 points to 563.90 in late trade.
Biggest losers included Bharat Petroleum Corp. Ltd., which lost 5.75% or 23.10 points to trade at 379.70 in late trade. Hindustan Petroleum Corporation Ltd declined 4.77% or 13.65 points to end at 273.10 and Indiabulls Housing Finance Ltd shed 3.92% or 51.90 points to 1276.50.
The breadth, indicating the overall health of the market, 1698 fell and 918 advanced, while 143 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 1.14% to 69.885.
CASH FLOW ANALYSIS
FII DII Activity 13th August 2018, In the cash market today, FII’s sold 971 crores stock whereas DII’s bought 216 crores worth of stock. In the derivative market, FII’s sold 722 crore of Index futures and sold 403 crores worth of Index options. In the Stock futures segment, FII’s bought 478 crores worth of stock futures and sold 79 crores stock options.
Nifty daily chart has formed “Rising channel” pattern. The last session ended up forming an “Inverse hammer” candlestick pattern in a gap down formation, which can be read as a trend reversal one. The market is expected to continue on bullish momentum for a while to fill up the gap, testing all the way through 11420-11500 levels in upcoming sessions. Alternatively, if the market breaks below a key support holding at 11350 then it might continue in bearish momentum. The downside rally could test 11280-11200 levels. Key resistance holds at 11500.
Research Report call: