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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16376 +11 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.50% to hit a new all-time high, while the BSE Sensex 30 index added 0.58%.

The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 6.04% or 10.65 points to trade at 187.00 at the close. Tech Mahindra Ltd added 4.76% or 62.95 points to end at 1386.55 and Tata Motors Ltd was up 3.57% or 10.55 points to 306.00 in late trade.

Biggest losers included Eicher Motors Ltd., which lost 3.74% or 101.70 points to trade at 2616.55 in late trade. Dr. Reddy’s Laboratories Ltd declined 0.78% or 36.85 points to end at 4708.00 and Indian Oil Corporation Ltd shed 0.53% or 0.55 points to 104.10.

The breadth, indicating the overall health of the market, 2264 rose and 788 declined, while 109 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.01% to 74.242.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. The Nifty traded higher on Thursday, creating a new historical high, and closed in the green. Further upside is still possible as the crucial support holds. 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 16370. The upside rally could be testing all the way up to 16450-16600 & 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 16200. 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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