Asian market positive trading, Nifty50 on the SGX were trading higher at 16,278.20 +21.75 points on indicating gap up opening for the NSE - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16,278.20 +21.75 points on indicating gap up opening for the NSE.
The Nifty 50 index closed at its highest-ever level in NSE after gaining 0.79%, while the BSE Sensex index rose 1.02%.
The biggest gainers of the session on the Nifty 50 were Housing Development Finance Corporation Ltd, which rose 4.75% or 121.40 points to trade at 2676.05 at the close. Kotak Mahindra Bank Ltd. added 3.81% or 64.30 points to end at 1749.95 and ICICI Bank Ltd was up 3.51% or 24.25 points to 714.65 in late trade.
Biggest losers included Grasim Industries Ltd, which lost 2.47% or 39.40 points to trade at 1553.00 in late trade. Titan Company Ltd declined 2.21% or 40.60 points to end at 1799.60 and Tata Motors Ltd shed 1.83% or 5.55 points to 298.15.
The breadth, indicating the overall health of the market, 2062 fell and 1035 advanced, while 104 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.12% to 74.158
Technical outlook
Nifty 4hr chart has formed "Rising wedge" pattern. The Nifty has performed well as expected and closed on the positive side, creating all new historical high yet again. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16280. The upside rally could be testing all the way up to 16450 & 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 as long as the key support holds near 16150. A slide to 16050-15950 is also a possibility if the price makes or break below the current support level.
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