Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 15847.50 +8.40 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 15847.50 +8.40 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.66%, while the BSE Sensex 30 index added 0.75%.
The biggest gainers of the session on the Nifty 50 were Infosys Ltd, which rose 3.73% or 56.05 points to trade at 1559.20 at the close. Tata Consultancy Services Ltd. added 3.44% or 112.20 pointsto end at 3373.60 and Tech Mahindra Ltd was up 2.23% or 23.55 points to 1080.00 in late trade.
Biggest losers included Reliance Industries Ltd, which lost 2.35% or 51.85 points to trade at 2153.50 in late trade. Coal India Ltd declined 1.38% or 2.05 points to end at 146.40 and Indian Oil Corporation Ltd shed 1.28% or 1.45 points to 111.45.
The breadth, indicating the overall health of the market, 1697 fell and 1367 advanced, while 129 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.03% to 74.162.
Technical outlook
Nifty daily 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 bullish momentum based on the current price action, once the same break above a key resistance holding near 15850. 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 15700. A slide to 15550- 15400 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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