The Nifty has traded a little higher and yet closed in red for the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17373.80 -2.70 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 lost 0.17%, while the BSE Sensex 30 index lost 0.25%. Nifty 50 lost 0.17%, while the BSE Sensex 30 index lost 0.25%.
The biggest gainers of the session on the Nifty 50 were Divis Laboratories Ltd., which rose 3.22% or 139.35 points to trade at 4465.15 at the close. Adani Ports and Special Economic Zone Ltd added 2.80% or 20.15 points to end at 740.75 and Oil and Natural Gas Corporation Ltd was up 2.68% or 4.40 points to 168.55 in late trade.
Biggest losers included Power Grid Corporation of India Ltd, which lost 3.51% or 7.15 points to trade at 196.30 in late trade. NTPC Ltd declined 1.66% or 2.25 points to end at 133.10 and ICICI Bank Ltd shed 1.55% or 12.00 points to 764.05. The breadth, indicating the overall health of the market, 1979 rose and 1273 declined, while 97 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.17% to 75.080.
Technical outlook
Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded a little higher and yet closed in red for the last session. We expect to see a small gap down today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current support level near 17250. The downside rally could be testing all the way up to 17100-16950 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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