Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 16689 +49.25 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 16689 +49.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.01% to hit a new all-time high, while the BSE Sensex 30 index added 0.01%.
The biggest gainers of the session on the Nifty 50 were Britannia Industries Ltd, which rose 2.29% or 88.10 points to trade at 3930.90 at the close. Tata Consumer Products Ltd added 2.07% or 17.30 points to end at 853.30 and HDFC Life Insurance Company Ltd was up 1.64% or 11.30 points to 698.85 in late trade.
Biggest losers included Bharti Airtel Ltd., which lost 4.17% or 25.55 points to trade at 586.90 in late trade. JSW Steel Ltd declined 1.73% or 11.85 points to end at 672.00 and Maruti Suzuki India Ltd. shed 1.53% or 102.85 points to 6608.60.
The breadth, indicating the overall health of the market, 1634 rose and 1396 declined, while 121 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.16% to 74.232.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. Nifty traded sideways yet again in the last few sessions, and closed in mild green. Technically, 16700 represents a stiff resistance. We expect today to see a gap up. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 16700. 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 as long as the key support holds near 16550. A slide to 16400-16250 is also a possibility if the price makes or break below the support level.
Technical Chart
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