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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14322.20 -83.10 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 added 0.77%, while the BSE Sensex 30 index added 0.79%. The biggest gainers of the session on the Nifty 50 were Wipro Ltd, which rose 3.49% or 16.40 points to trade at 486.50 at the close. ICICI Bank Ltd added 3.45% or 19.30 points to end at 578.40 and Tata Steel Ltd was up 3.19% or 28.50 points to 922.50 in late trade. Biggest losers included Shree Cements Ltd., which lost 2.77% or 811.55 points to trade at 28509.15 in late trade. Titan Company Ltd declined 2.70% or 41.05 points to end at 1481.85 and Hindustan Unilever Ltd. shed 1.88% or 45.15 points to 2352.30. The breadth, indicating the overall health of the market, 1693 rose and 1118 declined, while 157 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.53% to 75.019.

Technical outlook

Nifty daily 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 bullish momentum based on current price action, once the same break above the current key resistance holding near 14450. The upside rally could be testing all the way up to 14600-14750 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 near 14150. A slide to 14000 is also a possibility if the price makes or break below the current support level.

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