Pre-Market Wednesday Asian market positive trading, Nifty50 on the SGX were trading higher at 16239.50 +89.50 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16239.50 +89.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 1.55% to hit a new all-time high, while the BSE Sensex 30 index gained 1.65%.
Nifty 50s biggest gainers of the session were: Titan Company Ltd, which rose 3.88% or 68.65 points to trade at 1840.20 at the close. Housing Development Finance Corporation Ltd added 3.76% or 92.60 points to end at 2554.65 and IndusInd Bank Ltd. was up 3.45% or 34.05 points to 1022.05 in late trade.
Biggest losers included JSW Steel Ltd, which lost 0.86% or 6.40 points to trade at 740.30 in late trade. Bajaj Auto Ltd declined 0.35% or 13.35 points to end at 3828.20 and Shree Cements Ltd. shed 0.31% or 90.75 points to 29203.50.
The breadth, indicating the overall health of the market, 1637 rose and 1469 declined, while 111 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.13% to 74.254.
Technical outlook
Nifty 4hr chart has formed "Rising wedge" pattern. Nifty has closed on the positive side after breaking out of the range, creating all new historical high. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16150. The upside rally could be testing all the way up to 16300-16450 (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 16000. A slide to 15900-15750 is also a possibility if the price makes or break below the current support level.
Technical Chart
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