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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15869.20 +11.10 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.26%, while the BSE Sensex 30 index climbed 0.25%.

The biggest gainers of the session on the Nifty 50 were Wipro Ltd, which rose 7.02% or 36.85 points to trade at 561.70 at the close. Tech Mahindra Ltd added 2.70% or 28.35 points to end at 1078.50 and HCL Technologies Ltd was up 2.22% or 21.50 points to 989.45 in late trade.

Biggest losers included UPL Ltd, which lost 1.47% or 12.20 points to trade at 819.75 in late trade. Maruti Suzuki India Ltd. declined 1.39% or 103.60 points to end at 7326.75 and Adani Ports and Special Economic Zone Ltd shed 0.96% or 6.75 points to 697.25.

The breadth, indicating the overall health of the market, 1707 rose and 1380 declined, while 125 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.07% to 74.538.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" 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 15780. A slide to 15600-15450 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

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