Nifty Morning Outlook
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11136 +39 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.43%, while the BSE Sensex 30 index lost 0.38%.
The biggest gainers of the session on the Nifty 50 were Yes Bank Ltd, which rose 7.59% or 3.20 points to trade at 45.65 at the close. Zee Entertainment Enterprises Ltd. added 5.62% or 13.30 points to end at 251.50 and Britannia Industries Ltd was up 3.88% or 110.30 points to 2953.35 in late trade.
Biggest losers included Bharat Petroleum Corp. Ltd., which lost 5.17% or 26.65 points to trade at 490.65 in late trade. Indiabulls Housing Finance Ltd declined 3.77% or 9.25 points to end at 234.25 and JSW Steel Ltd shed 3.07% or 6.60 points to 208.00.
The breadth, indicating the overall health of the market, 1556 fell and 841 advanced, while 210 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.34% to 71.062.
Nifty daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways in trend after a gap up formation inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 11080. The downside rally could be testing all the way up to 10900-10800 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 11300 level. Key resistance holds at 11300.
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