Key support holds near 14600 - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15073.50 +24.25 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 rose 1.86%, while the BSE Sensex 30 index climbed 2.07%.
The biggest gainers of the session on the Nifty 50 were HDFC Bank Ltd, which rose 5.42% or 82.85 points to trade at 1612.00 at the close. Coal India Ltd added 5.26% or 7.20 points to end at 144.10 and AXIS Bank Ltd was up 5.15% or 36.85 points to 752.80 in late trade. Biggest losers included UPL Ltd, which lost 2.01% or 11.40 points to trade at 555.00 in late trade. Power Grid Corporation of India Ltd declined 1.55% or 3.50 points to end at 222.60 and Dr. Reddy’s Laboratories Ltd shed 1.43% or 64.20 points to 4430.95. The breadth, indicating the overall health of the market, 1529 rose and 876 declined, while 574 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.10% to 72.451.
Technical outlook
Nifty daily chart has formed "Rising channel" 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 15050. The upside rally could be testing all the way up to 15200-15350 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 14600.
Technical Chart
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