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Published on 21/01/2021 10:18:48 AM | Source: Enrich Commodities India Pvt Ltd

The last few sessions ended up sideways mode along with some corrections inside the channel - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14701.80 +42.05 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.85% to hit a new all-time high, while the BSE Sensex 30 index added 0.80%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 6.28% or 16.25 points to trade at 274.90 at the close. Adani Port and Special Economic Zone Ltd added 4.84% or 25.80 points to end at 558.60 and Wipro Ltd was up 3.42% or 14.70 points to 444.95 in late trade.

Biggest losers included Shree Cements Ltd., which lost 1.82% or 444.50 points to trade at 23930.00 in late trade. Power Grid Corporation of India Ltd declined 1.75% or 3.50 points to end at 196.15 and NTPC Ltd shed 1.35% or 1.35 points to 98.30. The breadth, indicating the overall health of the market, 1498 rose and 1382 declined, while 146 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.25% to 73.010.

 

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 14670 (Near new historical high). 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. Key support holds near 14500. A slide to 14350-14200 is also a possibility if the price makes or break below the current support level.

 

Technical Chart

 

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