Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 16376 +11 points - Enrich Financial
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/2daa346c2f694936cc2d3b26e90179bd.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/kotak securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/TechMahindra23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/powersector25.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fsdkfjeljweoir.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalasitharaman230717.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_9477.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/global29.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar 30.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/04/64e3e40c3e52212640c85dfe7c239904.jpg)
MCX Gold June futures technical chart has taken the formation of “Ascending broadening wedge...
![MCX Crude Oil technical chart has taken the formation of](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/04/413cca5097a4f90a8ec813959c73e137.jpg)
![Nifty 4hr chart has formed `Rising wedge` pattern. The Nifty has traded a little lower and closed in red for the last session - Enrich Financial](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/04/a2ec22e38aea37e273c1150b3921e8b8.jpg)
![MCX Gold Apr futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame - Enrich Financial Solution](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/03/03f0d742c8e4b6de268058c74f1c148d.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities.jpg)
Sold Index Futures to the tune of 3850 Cr - Axis Securities Ltd
![Bank Nifty opened with a downward gap and traded with extreme volatility on either side - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities.jpg)
![Quote on Nifty : The market trend remains positive as the index stays above the moving average Say`s Rupak De, at LKP Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/07/c97b4b54981d91eca2e12608560bc139.jpg)
![Nifty opened with an upward gap and remaned in positive terrain throughout the day - Jainam Share Consultants](https://portfolio.investmentguruindia.com/uploads/news/jainam share consultant.jpg)