Pre-Market Friday Asian market negative trading, Nifty50 on the SGX were trading lower at 15636.20 -94.80 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15636.20 -94.80 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.96%, while the BSE Sensex 30 index declined 0.92%.
The biggest gainers of the session on the Nifty 50 were Tech Mahindra Ltd, which rose 1.39% or 14.50 points to trade at 1060.40 at the close. SBI Life Insurance Company Ltd added 0.71% or 7.20 points to end at 1021.60 and Eicher Motors Ltd. was up 0.68% or 18.45 points to 2729.30 in late trade.
Biggest losers included Tata Motors Ltd, which lost 3.39% or 10.75 points to trade at 306.35 in late trade. JSW Steel Ltd declined 3.21% or 22.15 points to end at 668.25 and Bajaj Auto Ltd shed 2.75% or 115.25 points to 4073.00.
The breadth, indicating the overall health of the market, 1654 fell and 1385 advanced, while 133 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.08% to 74.847.
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 bearish momentum based on the current price action, once the same break below a key support holding near 15650. The downside rally could be testing all the way up to 15500-15350 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 15900. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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