01-01-1970 12:00 AM | Source: Enrich Commodities India Pvt Ltd
Pre-Market Thursday Asian market negative trading, Nifty50 on the SGX were trading lower at 15682.50 -94.35 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 15682.50 -94.35 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.64%, while the BSE Sensex 30 index lost 0.51%.

The biggest gainers of the session on the Nifty 50 were NTPC Ltd, which rose 1.70% or 2.00 points to trade at 119.80 at the close. Nestle India Ltd added 1.59% or 280.40 points to end at 17965.20 and Oil and Natural Gas Corporation Ltd was up 1.08% or 1.35 points to 126.70 in late trade.

Biggest losers included Adani Ports and Special Economic Zone Ltd, which lost 7.24% or 55.15 points to trade at 706.70 in late trade. Tata Steel Ltd declined 2.74% or 32.15 points to end at 1142.15 and JSW Steel Ltd shed 2.72% or 19.70 points to 705.40.

The breadth, indicating the overall health of the market, 1715 fell and 1375 advanced, while 106 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.05% to 73.316.

 

Technical outlook

Nifty 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways along with some corrections near the new historical high. 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 15700. The downside rally could be testing all the way up to 15550-15400 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 15850. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart



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