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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15471.20 +70.20 points on indicating gap up opening for the NSE.

Nifty 50 ended up 0.24% at a high record of 15,337 points as well as the BSE Sensex 30 rallied up to 0.19% yesterday

Major reasons for the market to close in bullish yesterday were IT and bank stocks. Shree Cements Ltd. leading the gainers list, ending up 4.12%. State Bank of India rallied over 3.13% and Kotak Mahindra Bank Ltd. 2.08%. Tech Mahindra Ltd ended up 2.03%. Nifty Bank ended up 1.18%.

Housing Development Finance Corporation Ltd hit the top losers list yesterday, dropping to 2.67%, while Oil and Natural Gas Corporation Ltd dropped 1.5% and Indian Oil Corporation Ltd 1.43%.

Rupee desk: The USD/INR was down 0.15% to 72.590.

Technical outlook

Nifty daily chart has formed "Right angled 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 15400. The upside rally could be testing all the way up to whole new 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 15250. A slide to 15100-14950 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

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