Pre-Market Friday Asian market positive trading, Nifty50 on the SGX were trading higher at 17853.50 +242.50 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 17853.50 +242.50 points on indicating gap up opening for the NSE.3
At the close in NSE, the Nifty 50 added 0.82%, while the BSE Sensex 30 index gained 0.82%.
The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 12.04% or 40.45 points to trade at 376.50 at the close. Titan Company Ltd added 10.60% or 227.70 points to end at 2375.35 and Mahindra & Mahindra Ltd. was up 5.29% or 44.15 points to 878.25 in late trade.
Biggest losers included Oil and Natural Gas Corporation Ltd, which lost 4.58% or 7.70 points to trade at 160.40 in late trade. Dr. Reddy’s Laboratories Ltd declined 1.32% or 65.50 points to end at 4891.10 and Coal India Ltd shed 1.11% or 2.15 points to 190.70.
The breadth, indicating the overall health of the market, 2096 rose and 1037 declined, while 125 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.01% to 74.766.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. Nifty has closed in slight red, traded lower near the historical high. Technically the upside trend remains intact, we expect to see a large 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 17900. 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 17600. A slide to 17450-17300 is also a possibility if the price makes or break below the support level.
Technical Chart
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