Pre-Market Thursday Asian market negative trading, Nifty50 on the SGX were trading lower at 17689.80 - 20.55 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 17689.80 - 20.55 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.21%, while the BSE Sensex 30 index fell 0.43%.
The biggest gainers of the session on the Nifty 50 were NTPC Ltd, which rose 6.59% or 8.70 points to trade at 140.65 at the close. Coal India Ltd added 6.39% or 11.15 points to end at 185.70 and Power Grid Corporation of India Ltd was up 6.03% or 11.10 points to 195.05 in late trade.
Biggest losers included Housing Development Finance Corporation Ltd, which lost 2.09% or 58.50 points to trade at 2746.45 in late trade. Kotak Mahindra Bank Ltd. declined 1.83% or 37.75 points to end at 2030.45 and Asian Paints Ltd. shed 1.68% or 56.65 points to 3323.05.
The breadth, indicating the overall health of the market, 1819 rose and 1280 declined, while 138 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.01% to 74.198.
Technical outlook
Nifty 4hr chart has formed "Rising channel" pattern. Nifty has closed in red once again after retesting our previous target and technically the upside trend remains intact, yet we expect to see a correction today too. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current support level holding near 17600. The downside rally could be testing all the way up to 17450-17300 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 as long as the high resistance holds near 17800. A slide to 17950 & furthermore new levels is also a possibility if the price makes or break above the high resistance level.
Technical Chart
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