Nifty50 on the SGX were trading higher at 14735 +40.80 points on indicating gap up opening for the NSE - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14735 +40.80 points on indicating gap up opening for the NSE
At the close in NSE, the Nifty 50 added 0.84%, while the BSE Sensex 30 index added 0.88%.
The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 5.93% or 38.25 points to trade at 683.40 at the close. UPL Ltd added 4.82% or 29.45 points to end at 640.70 and AXIS Bank Ltd was up 2.41% or 16.85 points to 717.20 in late trade.
Biggest losers included Adani Port and Special Economic Zone Ltd, which lost 3.99% or 30.65 points to trade at 738.10 in late trade. Bajaj Finance Ltd declined 1.79% or 100.60 points to end at 5515.15 and SBI Life Insurance Company Ltd shed 1.00% or 9.80 points to 973.10.
The breadth, indicating the overall health of the market, 1759 rose and 1071 declined, while 153 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.16% to 73.879.
Technical outlook
Nifty 4hr chart has formed "Descending 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 14700. The upside rally could be testing all the way up to 14850-15000 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 14400. A slide to 14250 is also a possibility if the price makes or break below the current support level.
Technical Chart
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