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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15823.80 +89.90 points on indicating gap up opening for the NSE.

The Nifty and the BSE Sensex traded lower yesterday due to the volatility in Asia, closing 0.49% and 0.52% respectively.

Today, pharmaceutical stocks took a beating as Dr. Reddys Laboratories lost 10.31% after declaring that it is investigating an improper payments issue in Ukraine and other markets and its response to a subpoena in the US. Cipla Loses 3.61%. Divi’s Laboratories Ltd. dropped 2.46%, while AXIS Bank Ltd. dropped 3.26% after disappointing numbers, and Adani Ports dropped 3% as well.

Rupee desk: The USD/INR was up 0.02% to 74.514.

Technical outlook

Nifty 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below a key support holding near 15700. The downside rally could be testing all the way up to 15550-15400 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. Key resistance holds near 15900. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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