The Nifty has traded higher as expected and closed in green on the last session - Enrich Financial
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17797.85 -99.75 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.67% to hit a new 1-month high, while the BSE Sensex 30 index gained 0.61%.
The biggest gainers of the session on the Nifty 50 were Bajaj Finserv Ltd, which rose 4.98% or 852.95 points to trade at 17988.40 at the close. Bajaj Finance Ltd added 4.46% or 327.80 points to end at 7670.80 and Kotak Mahindra Bank Ltd. was up 3.75% or 69.55 points to 1922.15 in late trade.
Biggest losers included Tech Mahindra Ltd, which lost 2.92% or 52.25 points to trade at 1737.55 in late trade. Infosys Ltd declined 2.87% or 54.50 points to end at 1844.65 and HCL Technologies Ltd shed 1.70% or 22.70 points to 1310.75.
The breadth, indicating the overall health of the market, 1749 rose and 1524 declined, while 94 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.17% to 74.372.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher as expected and closed in green on the last session. We expect to see a gap down today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level near 17950. The upside rally could be testing all the way up to 18200-18400 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 17650. A slide to 17450-17250 is also a possibility if the price makes or break above 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
Tag News
MCX Gold June futures technical chart has taken the formation of “Ascending broadening wedge...
More News
India VIX closed with 4.64% cut at 15.57 level - Monarch Networth Capital Ltd
