Pre-Market Wednesday Asian market negative trading, Nifty50 on the SGX were trading lower at 15842.20 -28.30 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15842.20 -28.30 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 added 0.36% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.42%.
The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 3.13% or 92.30 points to trade at 3042.20 at the close. AXIS Bank Ltd added 1.99% or 14.65 points to end at 750.90 and ICICI Bank Ltd was up 1.60% or 10.15 points to 645.30 in late trade.
Biggest losers included Divis Laboratories Ltd., which lost 1.57% or 69.05 points to trade at 4319.00 in late trade. Coal India Ltd declined 1.38% or 2.20 points to end at 157.15 and Bajaj Finserv Ltd shed 1.06% or 126.15 points to 11800.00.
The breadth, indicating the overall health of the market, 1852 rose and 1226 declined, while 131 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.21% to 73.333.
Technical outlook
Nifty 2hr chart has formed "Rising channel" pattern. The last session ended up sideways along with some corrections creating a new historical high yet again. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 15900. 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 15800. A slide to 15650-15500 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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