Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 17876.80 +21.55 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 17876.80 +21.55 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.56%, while the BSE Sensex 30 index fell 0.52%.
The biggest gainers of the session on the Nifty 50 were Maruti Suzuki India Ltd., which rose 2.79% or 224.40 points to trade at 8274.75 at the close. Asian Paints Ltd. added 2.49% or 78.55 points to end at 3230.25 and SBI Life Insurance Company Ltd was up 2.35% or 27.05 points to 1180.05 in late trade.
Biggest losers included UPL Ltd, which lost 3.13% or 24.45 points to trade at 755.60 in late trade. Reliance Industries Ltd declined 2.14% or 53.90 points to end at 2464.00 and Cipla Ltd. shed 2.09% or 19.25 points to 902.50.
The breadth, indicating the overall health of the market, 1791 fell and 1461 advanced, while 107 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.25% to 74.265.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session yet again and ended up in red. Also, we expect to see a small gap up today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 17800. The downside rally could be testing all the way up to 17650-17500 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 as long as the stiff resistance holds near 18100. A slide to 18250 is also a possibility if the price makes or break above the resistance level.
Technical Chart
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