Pre-Market Friday Asian market negative trading, Nifty50 on the SGX were trading lower at 15751.80 -60.25 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15751.80 -60.25 points on indicating gap down opening for the NSE.
As of the NSE close, the Nifty 50 rose by 0.44% and the BSE Sensex 30 index gained by 0.40%.
The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which rose 10.04% or 41.80 points to trade at 458.10 at the close. Tata Steel Ltd added 6.86% or 93.60 points to end at 1458.60 and Bajaj Finserv Ltd was up 3.90% or 545.45 points to 14516.00 in late trade.
Biggest losers included Maruti Suzuki India Ltd., which lost 2.39% or 171.55 points to trade at 6993.50 in late trade. Power Grid Corporation of India Ltd declined 2.15% or 3.68 points to end at 167.40 and Bajaj Auto Ltd shed 1.63% or 62.25 points to 3756.25.
The breadth, indicating the overall health of the market, 1837 rose and 1203 declined, while 135 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.28% to 74.279.
Technical outlook
Nifty 4hr chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same break above a key resistance holding near 15820. The upside rally could be testing all the way up to 15950 & furthermore new levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 15720. A slide to 15600-15450 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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