Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14695.80 -13.15 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 lost 1.04%, while the BSE Sensex 30 index lost 0.96%. The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 3.31% or 10.45 points to trade at 326.00 at the close. Titan Company Ltd added 1.37% or 19.70 points to end at 1454.95 and Maruti Suzuki India Ltd. was up 1.31% or 88.35 points to 6825.00 in late trade.
Biggest losers included Tata Steel Ltd, which lost 4.44% or 54.75 points to trade at 1179.15 in late trade. JSW Steel Ltd declined 3.59% or 26.35 points to end at 707.90 and IndusInd Bank Ltd. shed 3.39% or 32.20 points to 916.65. The breadth, indicating the overall health of the market, 1524 rose and 1435 declined, while 142 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.10% to 73.447
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 14650. The downside rally could be testing all the way up to 14500-14350 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 14950. A slide to 15100 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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