Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 15774.20 +80.20 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15774.20 +80.20 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.54%, while the BSE Sensex 30 index fell 0.54%.
The biggest gainers of the session on the Nifty 50 were Maruti Suzuki India Ltd., which rose 2.30% or 167.30 points to trade at 7432.70 at the close. Titan Company Ltd added 1.45% or 25.55 points to end at 1782.55 and Bajaj Finserv Ltd was up 1.29% or 156.20 points to 12287.85 in late trade.
Biggest losers included Adani Ports and Special Economic Zone Ltd, which lost 3.26% or 24.20 points to trade at 718.70 in late trade. Wipro Ltd declined 2.95% or 16.40 points to end at 540.15 and Divis Laboratories Ltd. shed 1.50% or 64.15 points to 4224.60.
The breadth, indicating the overall health of the market, 1622 fell and 1458 advanced, while 130 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.15% to 74.215.
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 bearish momentum based on the current price action, once the same break below a key support holding near 15650. The downside rally could be testing all the way up to 15500-15350 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 15800. A slide to 15900 & furthermore new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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