The Nifty has traded lower as expected and closed in almost flat on the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17555.80 -92.10 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 lost 0.79%, while the BSE Sensex 30 index declined 0.72%. The biggest gainers of the session on the Nifty 50 were Bajaj Auto Ltd, which rose 3.36% or 111.05 points to trade at 3419.80 at the close. Hindustan Unilever Ltd. added 2.81% or 63.60 points to end at 2325.40 and Maruti Suzuki India Ltd. was up 1.91% or 153.25 points to 8189.60 in late trade.
Biggest losers included Bajaj Finserv Ltd, which lost 5.35% or 923.75 points to trade at 16335.20 in late trade. Shree Cements Ltd. declined 4.50% or 1172.35 points to end at 24900.00 and Tech Mahindra Ltd shed 4.40% or 73.35 points to 1593.55.
The breadth, indicating the overall health of the market, 2284 fell and 993 advanced, while 86 ended unchanged on the India National Stock Exchang
Rupee desk: The USD/INR was down 0.06% to 74.373.
Technical outlook
Nifty 4hr chart has formed "Rising wedge" pattern. The Nifty has traded lower as expected and closed in almost flat on the last session. We expect to see a gap down today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the crucial support level near 17600. The downside rally could be testing all the way up to 17450-17300 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 bullish/sideways mode once again as long as the stiff resistance holds near 17750. A slide to 17900-18050 is also a possibility if the price makes or break above the current resistance level.
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