Pre-Market Thursday Asian market negative trading, Nifty50 on the SGX were trading lower at 15059.50 - 34.50 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15059.50 - 34.50 points on indicating gap down opening for the NSE.
Nifty 50 ended up on low 0.52% & the BSE Sensex 30 closed by 0.58% in view of the weakness faced by financial stocks lately
Nifty Bank closed down on 0.7%, as Nifty Financial Services index rallied down to 0.98%. Tata Motors Ltd also got affected on Tuesday, due to the reporting of a surprise loss, almost 7,600 crore after-market hours.
Coal India Ltd rallied up to 3.45%, Cipla Ltd. 2.05%. And Sun Pharmaceutical Industries Ltd. rallied up to 1.94% earned the next place on the gainers’ list.
Rupee desk: The USD/INR was up 0.02% to 73.225.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 15000. The downside rally could be testing all the way up to 14850-14700 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 15150. A slide to 15300-15430 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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