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Published on 22/07/2021 10:29:03 AM | Source: Enrich Financial Solution pvt ltd

Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 15749.20 +119.25 points - Enrich Financial

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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15749.20 +119.25 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.76% to hit a new 1-month low, while the BSE Sensex 30 index fell 0.68%.

The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 5.94% or 177.10 points to trade at 3159.05 at the close. UltraTech Cement Ltd added 1.54% or 112.35 points to end at 7424.70 and Hindustan Unilever Ltd. was up 1.09% or 26.25 points to 2434.90 in late trade.

Biggest losers included Hindalco Industries Ltd., which lost 3.51% or 13.95 points to trade at 383.00 in late trade. IndusInd Bank Ltd. declined 3.38% or 34.30 points to end at 981.55 and Tata Steel Ltd shed 2.61% or 33.05 points to 1233.35.

The breadth, indicating the overall health of the market, 2010 fell and 1082 advanced, while 97 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.30% to 74.624.

 

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 bearish momentum based on the current price action, once the same break below a key support holding near 15600. The downside rally could be testing all the way up to 15450-15300 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 15750. A slide to 15900 & furthermore new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart



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