Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 17697.50 +86.50 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 17697.50 +86.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.63% to hit a new alltime high, while the BSE Sensex 30 index climbed 0.71%.
The biggest gainers of the session on the Nifty 50 were IndusInd Bank Ltd., which rose 7.31% or 77.00 points to trade at 1130.95 at the close. ITC Ltd added 6.83% or 14.75 points to end at 230.75 and State Bank of India was up 4.47% or 19.85 points to 463.70 in late trade.
Biggest losers included Bharat Petroleum Corp. Ltd., which lost 3.49% or 15.90 points to trade at 439.05 in late trade. Grasim Industries Ltd declined 1.76% or 28.35 points to end at 1578.45 and Tata Consultancy Services Ltd. shed 1.30% or 51.25 points to 3903.30.
The breadth, indicating the overall health of the market, 1555 fell and 1551 advanced, while 142 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.16% to 73.559.
Technical outlook
Nifty 4hr chart has formed "Rising channel" pattern. On last session, the Nifty traded higher & higher and has closed in the green, created a new historical high yet again. We expect today to see a 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 17640. 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 17500. A slide to 17350-17200 is also a possibility if the price makes or break below the support level.
Technical Chart
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