Asian market negative trading, Nifty50 on the SGX were trading lower at 16512 -11 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 16512 -11 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 gained 1.53%, while the BSE Sensex 30 index gained 1.50%. The biggest gainers of the session on the Nifty 50 were Hindustan Unilever Ltd., which rose 5.21% or 104.05 points to trade at 2,101.95 at the close. Tata Steel Ltd added 4.25% or 53.35 points to end at 1,308.70 and Grasim Industries Ltd was up 4.12% or 61.55 points to 1,554.90 in late trade. Biggest losers included Coal India Ltd, which lost 4.13% or 7.70 points to trade at 178.95 in late trade. Tech Mahindra Ltd declined 1.29% or 19.40 points to end at 1,485.35 and Dr. Reddy’s Laboratories Ltd shed 0.97% or 37.95 points to 3,892.50. The breadth, indicating the overall health of the market, 2344 rose and 915 declined, while 97 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.35% to 76.44..
Technical outlook
Nifty 4hr chart has formed "Falling channel" pattern. The Nifty has traded higher as expected and yet closed in red for the last session. Technically, Market volatility might be still prevalent. The market is expected to open on a gap down, to continue on bearish momentum, once the same break below the current support level near 16500. The downside rally could be testing all the way up to 16350-16200 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 as long as the current resistance holds near 16750. A slide to 16900-17050 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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