Tthe Nifty 50 gained 1.44%, while the BSE Sensex 30 index added 1.61% - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15049.20 +202.75 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 1.44%, while the BSE Sensex 30 index added 1.61%.
The biggest gainers of the session on the Nifty 50 were Bajaj Finance Ltd, which rose 8.55% or 415.85 points to trade at 5280.90 at the close. Eicher Motors Ltd. added 5.05% or 121.10 points to end at 2521.20 and IndusInd Bank Ltd. was up 5.04% or 44.45 points to 926.90 in late trade.
Biggest losers included Britannia Industries Ltd, which lost 1.76% or 62.45 points to trade at 3478.75 in late trade. Hindalco Industries Ltd. declined 1.00% or 3.65 points to end at 362.60 and HDFC Life Insurance Company Ltd shed 0.91% or 6.15 points to 672.60.
The breadth, indicating the overall health of the market, 1690 rose and 1155 declined, while 172 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.24% to 74.398.
Technical outlook
Nifty daily chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways 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 14900. The upside rally could be testing all the way up to 15050-15200 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 holdsnear 14600. A slide to 14450 is also a possibility if the price makes or break below the current support level
Technical Chart
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