Pre-Market Wednesday Asian market positive trading, Nifty50 on the SGX were trading higher at 16,717.50 +101.50 points - Enrich Financial
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/9a607ddad684f1735bc01cb2ef7ff501.jpg)
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16,717.50 +101.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 0.78% to hit a new all-time high, while the BSE Sensex 30 index added 0.73%.
The biggest gainers of the session on the Nifty 50 were Bajaj Finserv Ltd, which rose 7.79% or 1189.80 points to trade at 16461.70 at the close. Adani Ports and Special Economic Zone Ltd added 4.06% or 27.10 points to end at 695.40 and Hindalco Industries Ltd. was up 3.44% or 14.00 points to 420.85 in late trade.
Biggest losers included Britannia Industries Ltd, which lost 1.40% or 54.05 points to trade at 3812.20 in late trade. Nestle India Ltd declined 1.40% or 281.05 points to end at 19740.00 and Infosys Ltd shed 1.03% or 17.90 points to 1720.85.
The breadth, indicating the overall health of the market, 2059 rose and 968 declined, while 112 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.13% to 74.215.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. Nifty traded higher in the last session, and closed in green. Technically, 16650 represents a stiff resistance. We expect today to see a gap up. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 16650. 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 16500. A slide to 16350-16200 is also a possibility if the price makes or break below the support level.
Technical Chart
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