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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 7703 -146.90 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 2.51%, while the BSE Sensex 30 index climbed 2.67%.
The biggest gainers of the session on the Nifty 50 were Infosys Ltd, which rose 13.97% or 73.55 points to trade at 600.00 at the close. Adani Port and Special Economic Zone Ltd added 13.81% or 28.70 points to end at 236.50 and Britannia Industries Ltd was up 11.79% or 252.15 points to 2390.00 in late trade.
Biggest losers included Yes Bank Ltd, which lost 11.45% or 4.55 points to trade at 35.20 in late trade. Mahindra & Mahindra Ltd. declined 7.98% or 23.40 points to end at 270.00 and Grasim Industries Ltd shed 7.67% or 33.25 points to 400.00. The breadth, indicating the overall health of the market, 1273 fell and 885 advanced, while 137 ended unchanged on the India National Stock Exchange. Rupee desk: The USD/INR was down 0.17% to 76.192.
Nifty weekly chart has formed "Ascending broadening wedge" pattern. The last session ended up in gap down formation inside the channel. The market is expected to continue on bearish momentum starting from a gap up formation based on SGX data, the trend will continue once breaking below a current support holding at 7700. The downside rapid fall could be testing all the way up to 6500 levels in upcoming weeks/sessions. A long-term support awaits at 4500.
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