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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17403.50 -45.75 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 1.37%, while the BSE Sensex 30 index gained 1.35%.

The biggest gainers of the session on the Nifty 50 were Adani Ports and Special Economic Zone Ltd, which rose 4.40% or 31.15 points to trade at 739.10 at the close. Housing Development Finance Corporation Ltd added 3.85% or 104.15 points to end at 2807.80 and Power Grid Corporation of India Ltd was up 3.52% or 7.30 points to 214.50 in late trade.

Biggest losers included Cipla Ltd., which lost 0.74% or 6.90 points to trade at 921.25 in late trade. ICICI Bank Ltd declined 0.73% or 5.30 points to end at 722.40 and AXIS Bank Ltd shed 0.52% or 3.50 points to 676.10.

The breadth, indicating the overall health of the market, 2111 rose and 1042 declined, while 143 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.02% to 74.990.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded little higher for the last session and ended up in green, after testing near the channel’s support line. Also, we expect to see a gap down today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 17450. The upside rally could be testing all the way up to 17600-17750 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 as long as the crucial support holds near 17300. A slide to 17150-17000 is also a possibility if the price makes or break below the current support level.

Technical Chart

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