Pre-Market Friday Asian market negative trading, Nifty50 on the SGX were trading lower at 16338.20 - 221.60 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 16338.20 - 221.60 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.28%, while the BSE Sensex 30 index fell 0.29%.
The biggest gainers of the session on the Nifty 50 were Eicher Motors Ltd., which rose 2.94% or 74.00 points to trade at 2589.65 at the close. UltraTech Cement Ltd added 2.60% or 192.40 points to end at 7601.45 and Bajaj Finance Ltd was up 2.09% or 133.90 points to 6544.00 in late trade.
Biggest losers included Hindalco Industries Ltd., which lost 2.21% or 9.65 points to trade at 426.95 in late trade. Kotak Mahindra Bank Ltd. declined 2.16% or 38.65 points to end at 1749.70 and ICICI Bank Ltd shed 1.84% or 12.90 points to 688.30.
The breadth, indicating the overall health of the market, 2012 fell and 1013 advanced, while 103 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.18% to 74.237.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. After opening higher, the Nifty fell as profit booking near 16700 dragged the index down. Technically, there may still some more downside. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support level holding near 16500. The downside rally could be testing all the way up to 16350-16200 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 as long as the new stiff resistance holds near 16700. A slide to whole new levels is also a possibility if the price makes or break above the same.
Technical Chart
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