IGI Logo

NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17407.50 +20.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 added 0.14% to hit a new alltime high, while the BSE Sensex 30 index gained 0.12%.

The biggest gainers of the session on the Nifty 50 were IndusInd Bank Ltd., which rose 4.04% or 40.30 points to trade at 1036.60 at the close. HCL Technologies Ltd added 2.50% or 30.25 points to end at 1238.65 and Hero MotoCorp Ltd was up 2.22% or 61.90 points to 2851.70 in late trade.

Biggest losers included Housing Development Finance Corporation Ltd, which lost 1.11% or 31.75 points to trade at 2818.05 in late trade. UltraTech Cement Ltd declined 1.11% or 88.00 points to end at 7856.45 and Nestle India Ltd shed 1.08% or 221.80 points to 20230.45.

The breadth, indicating the overall health of the market, 1826 rose and 1256 declined, while 139 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.20% to 73.705.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Since the Nifty traded higher and has closed in the green, 17250 is a good support to work with as long as it holds. We expect today to see a small 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 17430. The upside rally could be testing all the way up to whole 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 as long as the key support holds near 17250. A slide to 17100-16950 is also a possibility if the price makes or break below the support level.

Technical Chart

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