The Nifty has traded higher as expected and has closed in green for the last session

03-10-2022 10:48 AM | Source: Enrich Financial Solution Pvt Ltd

The Nifty has traded higher as expected and has closed in green for the last session - Enrich Financial

News By Tags | #6801 #879

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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16632 +247 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 gained 2.07%, while the BSE Sensex 30 index added 2.29%. The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 5.56% or 151.55 points to trade at 2,874.95 at the close. Reliance Industries Ltd added 5.31% or 118.60 points to end at 2,354.10 and Bajaj Finance Ltd was up 5.04% or 310.65 points to 6,472.50 in late trade. Biggest losers included Shree Cements Ltd., which lost 2.74% or 619.20 points to trade at 21,964.65 in late trade. Power Grid Corporation of India Ltd declined 2.12% or 4.50 points to end at 207.85 and Oil and Natural Gas Corporation Ltd shed 2.07% or 3.70 points to 175.40. The breadth, indicating the overall health of the market, 2565 rose and 674 declined, while 92 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.49% to 76.57.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded higher as expected and has closed in green for the last session. Technically, Market volatility might be still prevalent. The market is expected to open on a gap up, to continue on bullish momentum, once the same break above the current resistance level near 16400. The upside rally could be testing all the way up to 16600-16750 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 current support holds near 16100. A slide to 15950-15800 is also a possibility if the price makes or break below the current support level.

Technical Chart