Key resistance holds near 15250 - Enrich Commodities
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Nifty
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15170.50 +22.75 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.04%, while the BSE Sensex 30 index fell 0.04%.
The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 3.72% or 90.00 points to trade at 2506.85 at the close. SBI Life Insurance Company Ltd added 3.45% or 29.60 points to end at 888.70 and HDFC Life Insurance Company Ltd was up 3.05% or 20.85 points to 704.90 in late trade.
Biggest losers included Indian Oil Corporation Ltd, which lost 6.15% or 6.40 points to trade at 97.70 in late trade. Mahindra & Mahindra Ltd. declined 3.60% or 33.40 points to end at 895.00 and Tata Motors Ltd shed 3.24% or 10.90 points to 325.05.
The breadth, indicating the overall health of the market, 1617 fell and 1248 advanced, while 179 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.06% to 72.888.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" 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 15050. The downside rally could be testing all the way up to 14900-14750 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 15250(Near New historical high). A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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