Friday Market view

             Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10028 -17 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 2.13%, while the BSE Sensex 30 index climbed 2.09%.

            The biggest gainers of the session on the Nifty 50 were Bajaj Finserv Ltd, which rose 8.22% or 413.80 points to trade at 5450.75 at the close. Coal India Ltd added 6.33% or 8.20 points to end at 137.65 and Bajaj Finance Ltd was up 5.48% or 131.20 points to 2527.20 in late trade.

            Biggest losers included Tata Consultancy Services Ltd., which lost 0.57% or 11.60 points to trade at 2036.20 in late trade. Hindustan Unilever Ltd. declined 0.54% or 11.25 points to end at 2067.00 and Bharti Airtel Ltd. shed 0.44% or 2.50 points to 560.95.

    The breadth, indicating the overall health of the market, 1809 rose and 670 declined, while 122 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.25% to 76.091.

 

Technical outlook

    Nifty fut 2hr chart has formed "Rising wedge" pattern. The last few sessions ended up in bullish mode along with some corrections inside the channel. The market is expected to continue on bullish momentum, testing all the way up to 10350 levels in the upcoming sessions. Alternatively, if the market opens on gap down breaking below a crucial support holding near 10000, then it might revise the trend to bearish/sideways mode. Previous Support became Resistance near 10350.