Nifty 4hr chart has formed `Ascending broadening wedge` pattern - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17647.50 +80.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 lost 0.09%, while the BSE Sensex 30 index declined 0.13%.
The biggest gainers of the session on the Nifty 50 were Coal India Ltd, which rose 3.64% or 5.70 points to trade at 162.10 at the close. Tech Mahindra Ltd added 3.55% or 51.90 points to end at 1513.60 and Hindalco Industries Ltd. was up 2.73% or 12.30 points to 463.30 in late trade. Biggest losers included Nestle India Ltd, which lost 1.47% or 295.95 points to trade at 19893.60 in late trade.
Housing Development Finance Corporation Ltd declined 1.43% or 39.65 points to end at 2734.70 and Kotak Mahindra Bank Ltd. shed 1.26% or 25.40 points to 1985.55. The breadth, indicating the overall health of the market, 1989 rose and 1089 declined, while 153 ended unchanged on the India National Stock Exchange. Rupee desk: The USD/INR was up 0.20% to 73.885.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. Last session, the Nifty traded sideways and closed in red. Although upside still remains possible, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 17600. The upside rally could be testing all the way up to 17800 and furthermore 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 as long as the key support holds near 17450. A slide to 17300-17150 is also a possibility if the price makes or break below the support level.
Technical Chart
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