Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 17292.50 +33.10 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 17292.50 +33.10 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.92% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.90%.
The biggest gainers of the session on the Nifty 50 were Shree Cements Ltd., which rose 6.48% or 1845.00 points to trade at 30323.25 at the close. HDFC Life Insurance Company Ltd added 5.63% or 40.45 points to end at 759.00 and Cipla Ltd. was up 3.51% or 32.40 points to 955.25 in late trade.
Biggest losers included Mahindra & Mahindra Ltd., which lost 2.27% or 17.45 points to trade at 752.45 in late trade. Coal India Ltd declined 1.80% or 2.60 points to end at 141.60 and Oil and Natural Gas Corporation Ltd shed 0.88% or 1.05 points to 118.65.
The breadth, indicating the overall health of the market, 1596 fell and 1417 advanced, while 141 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.17% to 73.073.
Technical outlook
Nifty 4hr chart has formed "Rising channel" pattern. The Nifty traded up to near 17250 and closed in green on the last session. We expect today to see a small gap up today. 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 17250. 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 17050. A slide to 16900-16750 is also a possibility if the price makes or break below the support level.
Technical Chart
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