The Nifty has traded sideways and has closed in the green due to short covering on the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17135.50 +159.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 1.10%, while the BSE Sensex 30 index added 1.09%.
The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which rose 4.02% or 17.90 points to trade at 463.35 at the close. Tata Motors Ltd added 3.73% or 16.90 points to end at 470.50 and Divis Laboratories Ltd. was up 3.58% or 157.80 points to 4563.50 in late trade.
Biggest losers included Power Grid Corporation of India Ltd, which lost 1.01% or 2.05 points to trade at 201.55 in late trade. SBI Life Insurance Company Ltd declined 0.96% or 10.95 points to end at 1124.30 and Wipro Ltd shed 0.75% or 5.15 points to 685.65.
The breadth, indicating the overall health of the market, 2352 rose and 887 declined, while 103 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.24% to 75.509.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded sideways and has closed in the green 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 17050. The upside rally could be testing all the way up to 17200-17350 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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