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Published on 5/06/2020 10:01:13 AM | Source: Enrich Commodities India Pvt Ltd

Nifty weekly chart has formed `Ascending broadening wedge` pattern - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10027.80 -6.20 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.32%, while the BSE Sensex 30 index fell 0.38%.

The biggest gainers of the session on the Nifty 50 were Vedanta Ltd, which rose 7.70% or 7.45 points to trade at 104.15 at the close. Bharti Airtel Ltd. added 5.73% or 31.60 points to end at 583.25 and Zee Entertainment Enterprises Ltd. was up 5.52% or 10.80 points to 206.50 in late trade.

Biggest losers included Asian Paints Ltd., which lost 4.64% or 79.65 points to trade at 1636.90 in late trade. Bajaj Finance Ltd declined 4.04% or 97.45 points to end at 2314.45 and Housing Development Finance Corporation Ltd shed 4.03% or 74.00 points to 1761.65.

The breadth, indicating the overall health of the market, 1241 rose and 1090 declined, while 139 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.33% to 75.561.

 

Technical outlook

Nifty weekly chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways momentum inside the channel. The market is expected to continue on bearish momentum based on current SGX data, testing up to 9700 levels in the upcoming sessions. Alternatively, if the market break above the key resistance holding at 10100, then it might revise the trend to bullish/sideways mode once again. Key support holds at 9700.

 

 

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