Asian market positive trading, Nifty50 on the SGX were trading higher - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17857.80 +15.80 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 added 1.57% to hit a new all-time high, while the BSE Sensex 30 index climbed 1.63%. The biggest gainers of the session on the Nifty 50 were Bajaj Finserv Ltd, which rose 4.63% or 815.25 points to trade at 18430.00 at the close. Hindalco Industries Ltd. added 4.37% or 20.25 points to end at 483.25 and Tata Motors Ltd was up 3.68% or 11.40 points to 321.50 in late trade. Biggest losers included HDFC Life Insurance Company Ltd, which lost 1.15% or 8.40 points to trade at 724.65 in late trade. Dr. Reddy’s Laboratories Ltd declined 1.01% or 49.05 points to end at 4797.30 and Tata Consumer Products Ltd shed 0.49% or 4.15 points to 850.00. The breadth, indicating the overall health of the market, 1860 rose and 1216 declined, while 150 ended unchanged on the India National Stock Exchange
Rupee desk: The USD/INR was down 0.18% to 73.668.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. Last session, the Nifty traded higher and closed in strong green, creating a new historical high yet again. Although upside still remains possible, we expect 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 current new resistance level holding near 17850. 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 17650. A slide to 17500-17350 is also a possibility if the price makes or break below the support level.
Technical Chart
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