Pre-Market Thursday Asian market negative trading, Nifty50 on the SGX were trading lower at 17327.50 -58.75 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17327.50 -58.75 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.05%, while the BSE Sensex 30 index declined 0.05%.
The biggest gainers of the session on the Nifty 50 were Kotak Mahindra Bank Ltd., which rose 2.86% or 50.50 points to trade at 1815.35 at the close. Bharat Petroleum Corp. Ltd. added 1.58% or 7.60 points to end at 489.55 and Grasim Industries Ltd was up 1.43% or 22.25 points to 1576.70 in late trade.
Biggest losers included Nestle India Ltd, which lost 2.60% or 528.85 points to trade at 19839.60 in late trade. Divis Laboratories Ltd. declined 2.40% or 125.05 points to end at 5085.05 and Wipro Ltd shed 1.79% or 12.05 points to 662.20
The breadth, indicating the overall health of the market, 1713 rose and 1308 declined, while 150 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.18% to 73.573.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. While the Nifty has managed to stay above the critical support levels, it still appears good as long as that holds. We expect today to see a small gap down 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 17430. 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 17250. A slide to 17100-16950 is also a possibility if the price makes or break below the support level.
Technical Chart
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