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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14178 -112 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.44% to hit a new 1-month low, while the BSE Sensex 30 index fell 0.51%.

the Nifty 50 were Dr. Reddy’s Laboratories Ltd, which rose 3.56% or 176.90 points to trade at 5145.00 at the close. Bajaj Finserv Ltd added 3.48% or 330.00 points to end at 9799.90 and HDFC Life Insurance Company Ltd was up 3.01% or 20.05 points to 686.00 in late trade

Biggest losers included UltraTech Cement Ltd, which lost 4.93% or 320.75 points to trade at 6189.00 in late trade. HCL Technologies Ltd declined 3.39% or 33.70 points to end at 960.90 and Housing Development Finance Corporation Ltd shed 3.34% or 83.35 points to 2409.00.

The breadth, indicating the overall health of the market, 1586 rose and 1181 declined, while 163 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.21% to 75.004.

Technical outlook

Nifty 4hr chart has formed "Descending 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 14250. The downside rally could be testing all the way up to 14100-13950 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

Technical Chart

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