Pre-Market Wednesday Asian market positive trading, Nifty50 on the SGX were trading higher at 15893.50 +136.50 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15893.50 +136.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 0.17%, while the BSE Sensex 30 index climbed 0.03%.
The biggest gainers of the session on the Nifty 50 were Maruti Suzuki India Ltd., which rose 5.30% or 365.50 points to trade at 7265.40 at the close. UPL Ltd added 3.92% or 30.30 points to end at 802.50 and Shree Cements Ltd. was up 3.59% or 1013.70 points to 29239.05 in late trade.
Biggest losers included Asian Paints Ltd., which lost 1.88% or 57.75 points to trade at 3010.80 in late trade. Bajaj Finance Ltd declined 1.62% or 99.20 points to end at 6016.80 and Nestle India Ltd shed 1.20% or 212.60 points to 17436.55.
The breadth, indicating the overall health of the market, 1927 rose and 1163 declined, while 113 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.25% to 74.316.
Technical outlook
Nifty 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below a key support holding near 15750. The downside rally could be testing all the way up to 15600-15450 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. Key resistance holds near 15900. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level (Historical high).
Technical Chart
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