Pre-Market Wednesday Asian market negative trading, Nifty50 on the SGX were trading lower at 15780.80 -53.20 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15780.80 -53.20 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.76%, while the BSE Sensex 30 index climbed 0.76%.
The biggest gainers of the session on the Nifty 50 were ICICI Bank Ltd, which rose 2.89% or 18.70 points to trade at 664.95 at the close. Housing Development Finance Corporation Ltd added 2.74% or 67.95 points to end at 2544.90 and Grasim Industries Ltd was up 2.64% or 40.50 points to 1576.65 in late trade.
Biggest losers included Adani Ports and Special Economic Zone Ltd, which lost 1.96% or 14.05 points to trade at 704.00 in late trade. HCL Technologies Ltd declined 1.17% or 11.50 points to end at 967.95 and Dr. Reddy’s Laboratories Ltd shed 0.99% or 54.30 points to 5440.00.
The breadth, indicating the overall health of the market, 1758 rose and 1301 declined, while 132 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.08% to 74.471.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same break above a key resistance holding near 15850. 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. Key support holds near 15700. A slide to 15550-15400 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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