The upside rally could be testing all the way up to whole new levels in the upcoming sessions - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14778.80 +40 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 2.57% to hit a new all-time high, while the BSE Sensex 30 index added 2.46%.
The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 16.93% or 47.35 points to trade at 326.95 at the close. Shree Cements Ltd. added 7.29% or 1789.90 points to end at 26333.50 and UltraTech Cement Ltd was up 6.98% or 400.90 points to 6145.05 in late trade.
Biggest losers included HDFC Life Insurance Company Ltd, which lost 2.52% or 17.60 points to trade at 681.45 in late trade. Bajaj Finserv Ltd declined 2.23% or 216.80 points to end at 9505.00 and Hero MotoCorp Ltd shed 1.50% or 50.05 points to 3290.60.
The breadth, indicating the overall health of the market, 1688 rose and 1143 declined, while 171 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.16% to 72.996.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up bullish mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 14750(Near historical high). 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. Key support holds near 14450. A slide to 14300 is also a possibility if the price makes or break below the current support level.
Technical Chart
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