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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17579.20 +53.75 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 1.71%, while the BSE Sensex 30 index climbed 1.76%.

The biggest gainers of the session on the Nifty 50 were Bajaj Finance Ltd, which rose 3.64% or 258.35 points to trade at 7361.50 at the close. Maruti Suzuki India Ltd. added 3.46% or 248.30 points to end at 7434.90 and Hindalco Industries Ltd. was up 3.38% or 14.95 points to 457.45 in late trade.

Biggest losers included HDFC Life Insurance Company Ltd, which lost 1.15% or 8.00 points to trade at 686.40 in late trade. Kotak Mahindra Bank Ltd. declined 0.86% or 16.70 points to end at 1920.45 and Divis Laboratories Ltd. shed 0.43% or 19.85 points to 4604.95.

The breadth, indicating the overall health of the market, 2255 rose and 938 declined, while 126 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.11% to 75.472.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session yet again and ended up in green. Also, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 17550. The upside rally could be testing all the way up to 17700-17850 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 Crucial support holds near 17250. A slide to 17100-16950 is also a possibility if the price makes or break below the current support level.

Technical Chart

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