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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading lower at 9065.25 -19.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 gained 2.11%, while the BSE Sensex 30 index climbed 2.06%.
The biggest gainers of the session on the Nifty 50 were Shree Cements Ltd., which rose 6.24% or 1144.20 points to trade at 19484.95 at the close. Housing Development Finance Corporation Ltd added 6.15% or 94.65 points to end at 1634.50 and Dr. Reddy’s Laboratories Ltd was up 5.82% or 215.45 points to 3915.05 in late trade.
Biggest losers included Bharti Infratel Ltd, which lost 6.99% or 15.30 points to trade at 203.45 in late trade. IndusInd Bank Ltd. declined 2.60% or 9.55 points to end at 358.25 and Hero MotoCorp Ltd shed 2.34% or 48.50 points to 2025.00.
The breadth, indicating the overall health of the market, 1231 rose and 970 declined, while 160 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.01% to 75.633.
Nifty weekly chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in bearish momentum inside the channel. The market is expected to continue on bearish momentum based on current SGX data, testing up to 8700 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 9250, then it might revise to bullish/sideways mode. Key support holds at 8700
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