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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17247.50 -33 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 declined 1.73%, while the BSE Sensex 30 index fell 1.75%.

The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 1.88% or 3.95 points to trade at 213.65 at the close. Oil And Natural Gas Corporation Ltd added 1.47% or 2.50 points to end at 172.10 and NTPC Ltd was up 0.71% or 0.95 points to 135.15 in late trade

Biggest losers included Tata Consumer Products Ltd, which lost 3.95% or 29.00 points to trade at 704.80 in late trade. HDFC Bank Ltd declined 3.66% or 55.85 points to end at 1468.15 and HDFC Life Insurance Company Ltd shed 3.38% or 21.10 points to 603.25

The breadth, indicating the overall health of the market, 2026 fell and 1378 advanced, while 142 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.08% to 74.704

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower as expected and closed in red on the last session. We expect to see a small gap down today. The market is expected to continue on reversal momentum based on the current price action, once the same break below the crucial support level near 17150. The downside rally could be testing all the way up to 17000-16850 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again as long

as the stiff resistance holds near 17450. A slide to 17600-17750 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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