The current key support holding near 14200 - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower higher at 14190.50 -9.25 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.93%, while the BSE Sensex 30 index lost 1.09%.
The biggest gainers of the session on the Nifty 50 were Grasim Industries Ltd, which rose 5.87% or 58.90 points to trade at 1062.90 at the close. UPL Ltd added 4.00% or 22.65 points to end at 589.60 and Cipla Ltd. was up 3.80% or 30.70 points to 839.00 in late trade.
Biggest losers included Reliance Industries Ltd, which lost 5.58% or 114.45 points to trade at 1935.15 in late trade. IndusInd Bank Ltd. declined 5.52% or 49.30 points to end at 844.00 and HCL Technologies Ltd shed 3.83% or 37.80 points to 948.00. The breadth, indicating the overall health of the market, 1939 fell and 896 advanced, while 145 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.04% to 72.953.
Technical outlook
Nifty daily chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 14200. The downside rally could be testing all the way up to 14050-13900 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 14500. A slide to 14650 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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