NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 12714.80 +8 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 1.36% to hit a new all-time high, while the BSE Sensex 30 index added 1.60%.

The biggest gainers of the session on the Nifty 50 were Bajaj Finance Ltd, which rose 8.93% or 345.00 points to trade at 4210.00 at the close. IndusInd Bank Ltd. added 7.29% or 56.55 points to end at 832.00 and Larsen & Toubro Ltd was up 6.85% or 66.15 points to 1032.00 in late trade.

Biggest losers included Tech Mahindra Ltd, which lost 5.73% or 50.05 points to trade at 822.70 in late trade. Cipla Ltd. declined 5.37% or 40.95 points to end at 722.25 and HCL Technologies Ltd shed 5.01% or 42.85 points to 812.15.

The breadth, indicating the overall health of the market, 1431 fell and 1181 advanced, while 174 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.25% to 74.213.

Technical outlook

Nifty daily chart has formed "Rising channel" pattern. The last few sessions ended up bullish on a gap up formation creating a new historical high, testing near the channel’s resistance line. The market is expected to continue on bullish momentum based on current price action, once the same break above the current resistance level holding near 12650. 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 level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds near 12500. A slide to 12350-12200 is also a possibility if the price makes or break below the current support level.

Technical Chart

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