01-01-1970 12:00 AM | Source: Enrich Financial Solution
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher - Enrich Financial
News By Tags | #6801 #879

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

https://t.me/InvestmentGuruIndiacom

Download Telegram App before Joining the Channel

NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18252.50 +56.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 lost 0.31%, while the BSE  Sensex 30 index fell 0.34%. The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 4.20% or 124.85 points to trade at 3094.65 at the close. UPL Ltd added 3.96% or 28.25 points to end at 741.50 and Divis Laboratories Ltd. was up 2.29% or 115.10 points to 5134.00 in late trade. Biggest losers included AXIS Bank Ltd, which lost 6.46% or 54.40 points to trade at 787.50 in late trade. Bajaj Finance Ltd declined 4.75% or 373.50 points to end at 7482.15 and Oil and Natural Gas Corporation Ltd shed 3.19% or 5.20 points to 157.90. The breadth, indicating the overall health of the market, 1705 rose and 1375 declined, while 130 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.15% to 75.049.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Although the Nifty has seen corrections on last few sessions, but has managed to stay above strong support. Technically the upside trend remains intact, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 18350. The upside rally could be testing all the way up to 18500-18650 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 as long asthe Key support holds near 18050. A slide to 17900 is also a possibility if the price makes or break below the support level.

 

To Read Complete Report & Disclaimer Click Here

 

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer