Pre-Market Thursday Asian market positive trading, Nifty50 on the SGX were trading higher at 18260.20 +82.20 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 18260.20 +82.20 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 0.94% to hit a new all-time high, while the BSE Sensex 30 index gained 0.75%.
The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 20.45% or 86.05 points to trade at 506.90 at the close. Mahindra & Mahindra Ltd. added 5.08% or 45.25 points to end at 935.35 and Tata Consumer Products Ltd was up 3.92% or 32.00 points to 848.15 in late trade.
Biggest losers included Maruti Suzuki India Ltd., which lost 2.75% or 211.65 points to trade at 7482.15 in late trade. Oil And Natural Gas Corporation Ltd declined 2.17% or 3.55 points to end at 160.00 and SBI Life Insurance Company Ltd shed 1.56% or 18.85 points to 1191.75.
The breadth, indicating the overall health of the market, 1633 rose and 1522 declined, while 128 ended unchanged on the India National Stock Exchange
Rupee desk: The USD/INR was down 0.11% to 75.382.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. Nifty has closed in green, traded higher reaching a new historical high. Technically the upside trend remains intact, 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 18200. 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 18000. A slide to 17850-17700 is also a possibility if the price makes or break below the support level.
Technical Chart
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