Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 15751 +24 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15751 +24 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.26%, while the BSE Sensex 30 index declined 0.31%.
The biggest gainers of the session on the Nifty 50 were Dr. Reddy’s Laboratories Ltd, which rose 2.50% or 135.45 points to trade at 5558.50 at the close. Hindalco Industries Ltd. added 1.98% or 7.35 points to end at 379.40 and Bajaj Auto Ltd was up 1.71% or 70.70 points to 4204.55 in late trade.
Biggest losers included Bajaj Finserv Ltd, which lost 2.42% or 292.60 points to trade at 11816.45 in late trade. Shree Cements Ltd. declined 1.62% or 444.65 points to end at 27059.95 and Britannia Industries Ltd shed 1.48% or 53.85 points to 3595.80.
The breadth, indicating the overall health of the market, 1570 rose and 1496 declined, while 116 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.27% to 74.561.
Technical outlook
Nifty 4hr chart has formed "Rising wedge" 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 15800. A slide to 15900 & furthermore new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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