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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16316.80 +26.10 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.22% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.23%.

The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 4.23% or 24.30 points to trade at 598.70 at the close. Eicher Motors Ltd. added 3.42% or 90.35 points to end at 2732.15 and ITC Ltd was up 3.19% or 6.65 points to 215.25 in late trade.

Biggest losers included State Bank of India, which lost 3.30% or 15.10 points to trade at 441.85 in late trade. IndusInd Bank Ltd. declined 2.24% or 22.85 points to end at 997.70 and Bajaj Finance Ltd shed 1.74% or 110.90 points to 6248.25. +

The breadth, indicating the overall health of the market, 1966 fell and 1108 advanced, while 115 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.08% to 74.090.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. The Nifty unfolded as expected yesterday and closed in the green, creating all new historical high yet again. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16350. The upside rally could be testing all the way up to 16450 & furthermore 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 as long as the key support holds near 16150. A slide to 16050-15950 is also a possibility if the price makes or break below the current support level.

Technical Chart

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