The Nifty has traded higher as expected and closed in green for the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17,396.50 +587.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 rose 3.03%, while the BSE Sensex 30 index gained 3.08%
The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 6.90% or 32.55 points to trade at 504.00 at the close. Eicher Motors Ltd. added 5.45% or 140.20 points to end at 2711.00 and Shree Cements Ltd. was up 5.30% or 1249.80 points to 24839.00 in late trade.
Biggest losers included Cipla Ltd., which lost 3.46% or 33.05 points to trade at 921.85 in late trade. Oil And Natural Gas Corporation Ltd declined 1.23% or 2.05 points to end at 164.15 and Power Grid Corporation of India Ltd gained 0.92% or 1.85 points to 203.70.
The breadth, indicating the overall health of the market, 1969 rose and 1301 declined, while 90 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.42% to 75.302.
Technical outlook
Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded higher as expected and closed in green for the last session. We expect to see a long gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current resistance level near 17400. The upside rally could be testing all the way up to 17600-17800 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 crucial support holds near 17100. A slide to 16950-16800 is also a possibility if the price makes or break below the current support level.
Technical Chart
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