Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14588.20 -25.25 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.01% to hit a new all-time high, while the BSE Sensex 30 index lost 0.05%.
The best performers of the session on the Nifty 50 were Mahindra & Mahindra Ltd., which rose 6.22% or 48.50 points to trade at 828.35 at the close. Meanwhile, Adani Port and Special Economic Zone Ltd added 4.97% or 25.40 points to end at 536.65 and State Bank of India was up 4.89% or 14.30 points to 306.80 in late trade.
The worst performers of the session were Housing Development Finance Corporation Ltd, which fell 2.79% or 76.65 points to trade at 2670.90 at the close. Bajaj Finance Ltd declined 2.76% or 139.30 points to end at 4902.90 and Shree Cements Ltd. was down 2.53% or 642.70 points to 24726.40.
The breadth, indicating the overall health of the market, 1115 to 546 and 60 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.05% to 73.183.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The last session ended up bullish mode testing near the channel’s resistance line, creating new historical high as well. 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 14600. 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 14300-14150 levels is also a possibility if the price makes or break below the current support level.