NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 13970 -7.45 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.11%, while the BSE Sensex 30 index added 0.01%.

The biggest gainers of the session on the Nifty 50 were Housing Development Finance Corporation Ltd, which rose 1.27% or 31.90 points to trade at 2549.95 at the close. Sun Pharmaceutical Industries Ltd. added 1.10% or 6.45 points to end at 590.45 and Divis Laboratories Ltd. was up 1.01% or 38.30 points to 3838.00 in late trade.

Biggest losers included Shree Cements Ltd., which lost 2.44% or 599.95 points to trade at 24000.00 in late trade. Tata Consultancy Services Ltd. declined 1.52% or 44.35 points to end at 2864.95 and UltraTech Cement Ltd shed 1.41% or 75.75 points to 5279.00.

The breadth, indicating the overall health of the market, 1696 rose and 1192 declined, while 148 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.10% to 73.053.

Technical outlook

Nifty 4hr chart has formed "Rising channel" pattern. The last session 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 key resistance holding near 14020. 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 13850. A slide to 13700- 13550 is also a possibility if the price makes or break below the current support level.

Technical Chart

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