Key resistance holding near 15300 - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15047.50 -133.50 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 rose 2.19%, while the BSE Sensex 30 index climbed 2.28%.
The biggest gainers of the session on the Nifty 50 were Tata Steel Ltd, which rose 5.66% or 41.65 points to trade at 777.15 at the close. Bajaj Finserv Ltd added 4.98% or 492.30 points to end at 10369.30 and Reliance Industries Ltd was up 4.56% or 96.10 points to 2202.10 in late trade.
Biggest losers included Hero MotoCorp Ltd, which lost 1.50% or 52.05 points to trade at 3424.35 in late trade. Maruti Suzuki India Ltd. declined 1.24% or 89.40 points to end at 7124.70 and Bajaj Auto Ltd shed 1.09% or 42.95 points to 3901.10.
The breadth, indicating the overall health of the market, 1764 rose and 1114 declined, while 172 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.52% to 72.870.
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 15300. 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 15000. A slide to 14850 is also a possibility if the price makes or break below the current support level.
Technical Chart
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