Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 17124.50 +38.25 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 17124.50 +38.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.33%, while the BSE Sensex 30 index fell 0.37%.
The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 3.17% or 101.40 points to trade at 3302.75 at the close. Tata Motors Ltd added 2.77% or 7.95 points to end at 295.25 and SBI Life Insurance Company Ltd was up 1.87% or 22.35 points to 1214.40 in late trade.
Biggest losers included Mahindra & Mahindra Ltd., which lost 2.95% or 23.40 points to trade at 769.90 in late trade. Tata Steel Ltd declined 2.69% or 39.05 points to end at 1411.20 and Cipla Ltd. shed 2.63% or 24.95 points to 922.85.
The breadth, indicating the overall health of the market, 1596 fell and 1417 advanced, while 141 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.17% to 73.073.
Technical outlook
Nifty 4hr chart has formed "Rising channel" pattern. Technically, the 17000 support is a crucial support to deal with, so we might see some correction. The Nifty moved up to near 17200 and closed above the support. We expect today to see a small gap up 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 17200. 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 17000. A slide to 16850-16700 is also a possibility if the price makes or break below the support level.
Technical Chart
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