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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11724 -94 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.27%, while the BSE Sensex 30 index fell 0.20%.
The biggest gainers of the session on the Nifty 50 were Tata Consultancy Services Ltd., which rose 2.25% or 47.65 points to trade at 2163.00 at the close. JSW Steel Ltd added 1.60% or 4.15 points to end at 263.10 and Tata Steel Ltd was up 1.53% or 6.35 points to 421.80 in late trade.
Biggest losers included Dr. Reddy’s Laboratories Ltd, which lost 2.67% or 84.80 points to trade at 3091.50 in late trade. Hindalco Industries Ltd. declined 2.60% or 4.65 points to end at 174.40 and Sun Pharmaceutical Industries Ltd. shed 2.60% or 10.35 points to 387.50.
The breadth, indicating the overall health of the market, 1402 fell and 925 advanced, while 167 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.04% to 71.891.
Nifty daily chart has formed "Megaphone chart" pattern. The last few sessions ended up sideways in trend after a gap up formation inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 11770. The downside rally could be testing all the way up to 11650-11550 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 12050 level. Key resistance holds at 12050.
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