Pre-Market Friday Asian market negative trading, Nifty50 on the SGX were trading lower at 15692.50 -22.50 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15692.50 -22.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.73% to hit a new all-time high, while the BSE Sensex 30 index gained 0.74%.
The biggest gainers of the session on the Nifty 50 were Titan Company Ltd, which rose 6.65% or 105.50 points to trade at 1691.20 at the close. Oil And Natural Gas Corporation Ltd added 4.03% or 4.75 points to end at 122.50 and Eicher Motors Ltd. was up 3.36% or 90.00 points to 2767.75 in late trade.
Biggest losers included IndusInd Bank Ltd., which lost 2.16% or 22.25 points to trade at 1005.75 in late trade. Wipro Ltd declined 0.73% or 3.95 points to end at 539.05 and Cipla Ltd. shed 0.68% or 6.45 points to 948.25.
The breadth, indicating the overall health of the market, 2088 rose and 955 declined, while 118 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.05% to 72.915.
Technical outlook
Nifty 4hr chart has formed "Rising wedge" pattern. The last session ended up bullish along with some corrections creating new historical high yet again. 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 15700. The upside rally could be testing all the way up to whole new level 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 15600. A slide to 15450-15300 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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