The Nifty has traded sideways and has 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 15914.80 +21.80 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 gained 0.95%, while the BSE Sensex 30 index climbed 1.10%. The biggest gainers of the session on the Nifty 50 were Indian Oil Corporation Ltd, which rose 4.28% or 4.80 points to trade at 117.05 at the close. Sun Pharmaceutical Industries Ltd. added 3.93% or 32.35 points to end at 855.00 and Tata Consumer Products Ltd was up 3.61% or 23.85 points to 683.70 in late trade. Biggest losers included Hindalco Industries Ltd., which lost 4.81% or 29.80 points to trade at 589.95 in late trade. Oil And Natural Gas Corporation Ltd declined 4.20% or 7.85 points to end at 179.10 and Tata Steel Ltd shed 1.73% or 22.40 points to 1,269.50. The breadth, indicating the overall health of the market, 2177 rose and 1045 declined, while 98 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.17% to 76.95.
Technical outlook
Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded sideways and has closed in green for the last session. Technically, Market volatility will be still prevalent. The market is expected to open on a small gap up, to continue on bullish momentum, once the same break above the current resistance level near 16050. The upside rally could be testing all the way up to 16200-16350 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 current support holds near 15750. A slide to 15600 is also a possibility if the price makes or break below the current support level.
Technical Chart
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