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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15003.50 +20 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 gained 1.07%, while the BSE Sensex 30 index climbed 0.90%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 5.16% or 16.95 points to trade at 345.25 at the close. Mahindra & Mahindra Ltd. added 4.58% or 37.55 points to end at 857.00 and Wipro Ltd was up 4.49% or 18.60 points to 433.00 in late trade. Biggest losers included Oil and Natural Gas Corporation Ltd, which lost 2.56% or 3.00 points to trade at 114.05 in late trade. Housing Development Finance Corporation Ltd declined 1.19% or 31.00 points to end at 2575.00 and Dr. Reddy’s Laboratories Ltd shed 1.01% or 45.20 points to 4408.20. The breadth, indicating the overall health of the market, 1788 rose and 1099 declined, while 159 ended unchanged on the India National Stock Exch

Rupee desk:  : The USD/INR was down 0.06% to 73.350

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 bullish momentum based on current price action, once the same break above the current key resistance holding near 15000. The upside rally could be testing all the way up to 15150-15300 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. Key support holds

Technical Chart

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