The Nifty has traded higher and has closed in the almost flat due to short covering on the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17225.50 +166.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.69%, while the BSE Sensex 30 index added 0.68%.
The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 3.67% or 7.40 points to trade at 208.95 at the close. Indian Oil Corporation Ltd added 2.84% or 3.10 points to end at 112.15 and Oil and Natural Gas Corporation Ltd was up 2.70% or 3.70 points to 140.50 in late trade.
Biggest losers included Divis Laboratories Ltd., which lost 1.86% or 85.00 points to trade at 4478.50 in late trade. JSW Steel Ltd declined 1.63% or 10.75 points to end at 650.25 and Bharti Airtel Ltd. shed 0.88% or 6.00 points to 678.75.
The breadth, indicating the overall health of the market, 2121 rose and 1097 declined, while 132 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.26% to 75.241.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher and has closed in the almost flat due to short covering on the last session. The downsides of Nifty are likely to be limited as long as its head stays above 16800. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current stiff resistance level near 17200. The upside rally could be testing all the way up to 17350-17500 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 crucial support holds near 16800. A slide to 16600-16400 is also a possibility if the price makes or break below the current support level.
Technical Chart
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