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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 16996.20 - 106.05 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 declined 2.66%, while the BSE Sensex 30 index fell 2.62%. The biggest gainers of the session on the Nifty 50 were Cipla Ltd., which rose 2.84% or 24.65 points to trade at 892.10 at the close. Oil And Natural Gas Corporation Ltd added 0.82% or 1.35 points to end at 165.00 and IndusInd Bank Ltd. was down 0.33% or 2.85 points to 851.25 in late trade.

Biggest losers included JSW Steel Ltd, which lost 6.67% or 44.45 points to trade at 621.80 in late trade. Tata Steel Ltd declined 6.03% or 70.50 points to end at 1099.20 and Bajaj Finance Ltd shed 5.99% or 442.00 points to 6931.75. The breadth, indicating the overall health of the market, 2983 fell and 503 advanced, while 121 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.26% to 74.613.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower as expected and closed in red 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 17050. The downside rally could be testing all the way up to 16850-16600 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 17400. A slide to 17550-17700 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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