IGI Logo

NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16645.20 +94.20 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.31% to hit a new all-time high, while the BSE Sensex 30 index gained 0.38%.

The biggest gainers of the session on the Nifty 50 were Tata Consumer Products Ltd, which rose 3.82% or 30.65 points to trade at 832.80 at the close. Wipro Ltd added 3.40% or 20.85 points to end at 634.90 and Tech Mahindra Ltd was up 3.35% or 45.85 points to 1413.70 in late trade.

Biggest losers included JSW Steel Ltd, which lost 2.28% or 17.40 points to trade at 744.25 in late trade. Adani Ports and Special Economic Zone Ltd declined 2.02% or 14.25 points to end at 692.65 and Tata Motors Ltd shed 1.98% or 6.00 points to 297.70.

The breadth, indicating the overall health of the market, 1968 fell and 1059 advanced, while 101 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.27% to 74.358.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. The Nifty has broken out the high once again and has closed in the green on yesterday’s session. Further upside is still possible as the crucial support holds. 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 16630. 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 16480. A slide to 16300-16150 is also a possibility if the price makes or break below the current support level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer