Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 16654.50 +19.50 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 16654.50 +19.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.06% to hit a new all-time high, while the BSE Sensex 30 index lost 0.03%.
The biggest gainers of the session on the Nifty 50 were Adani Ports and Special Economic Zone Ltd, which rose 3.65% or 25.35 points to trade at 720.75 at the close. HDFC Life Insurance Company Ltd added 2.45% or 16.45 points to end at 687.55 and Hindalco Industries Ltd. was up 2.34% or 9.85 points to 430.70 in late trade.
Biggest losers included Bajaj Finserv Ltd, which lost 3.39% or 557.30 points to trade at 15904.40 in late trade. Titan Company Ltd declined 2.51% or 46.95 points to end at 1822.65 and Maruti Suzuki India Ltd. shed 1.35% or 91.75 points to 6711.45.
The breadth, indicating the overall health of the market, 1889 rose and 1155 declined, while 101 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up up 0.12% to 74.220.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. Nifty traded sideways in the last session, and closed in mild red. Technically, 16700 represents a stiff resistance. We expect today to see a gap up. 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 16700. 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 16550. A slide to 16400-16250 is also a possibility if the price makes or break below the support level.
Technical Chart
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