IGI Logo

NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15825 -72.65 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 0.39% to hit a new all-time high, while the BSE Sensex 30 index gained 0.37%.

The biggest gainers of the session on the Nifty 50 were Tata Steel Ltd, which rose 4.40% or 51.40 points to trade at 1218.65 at the close. JSW Steel Ltd added 2.56% or 17.25 points to end at 690.40 and Bajaj Finserv Ltd was up 2.34% or 283.35 points to 12374.15 in late trade.

Biggest losers included Titan Company Ltd, which lost 2.02% or 35.55 points to trade at 1727.25 in late trade. Oil And Natural Gas Corporation Ltd declined 1.32% or 1.60 points to end at 119.90 and Maruti Suzuki India Ltd. shed 0.87% or 65.55 points to 7449.40.

The breadth, indicating the overall health of the market, 1695 rose and 1364 declined, while 135 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.06% to 74.627.

Technical outlook

Nifty 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same break above a key resistance holding near 15920 (Near Historical high). 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. Key support holds near 15800. A slide to 15650-15500 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer