Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 15756.50 +49 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 15756.50 +49 points on indicating gap up opening for the NSE
The Nifty 50 index fell 0.24% at the close in NSE, and the Sensex 30 index fell 0.26%.
The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 5.06% or 27.35 points to trade at 567.90 at the close. Tata Steel Ltd added 2.58% or 34.35 points to end at 1365.00 and SBI Life Insurance Company Ltd was up 2.56% or 28.25 points to 1133.40 in late trade.
Biggest losers included Kotak Mahindra Bank Ltd., which lost 2.66% or 45.10 points to trade at 1652.85 in late trade. Cipla Ltd. declined 2.54% or 23.20 points to end at 889.90 and Tata Motors Ltd shed 2.39% or 6.95 points to 284.45.
The breadth, indicating the overall health of the market, 1719 fell and 1351 advanced, while 112 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.09% to 74.434.
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 15750. The upside rally could be testing all the way up to 15900 & 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 15600. A slide to 15450-15300 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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