Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 17960 +20.75 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 17960 +20.75 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.15%, while the BSE Sensex 30 index fell 0.13%.
The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 3.34% or 24.95 points to trade at 771.30 at the close. Bharti Airtel Ltd. added 3.12% or 22.25 points to end at 735.45 and Mahindra & Mahindra Ltd. was up 3.08% or 27.50 points to 919.65 in late trade.
Biggest losers included IndusInd Bank Ltd., which lost 3.37% or 36.05 points to trade at 1032.20 in late trade. Hindalco Industries Ltd. declined 3.20% or 14.85 points to end at 449.75 and Tata Steel Ltd shed 2.80% or 37.40 points to 1298.55.
The breadth, indicating the overall health of the market, 1672 rose and 1549 declined, while 143 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.28% to 74.377.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session but ended up in slight green. Technically, the upside still remains a possibility. 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 stiff resistance level holding near 18100. The upside rally could be testing all the way up to 18250-18400 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 17900. A slide to 17750-17600 is also a possibility if the price makes or break below the support level.
Technical Chart
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