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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17886.80 -14.90 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 lost 1.94%, while the BSE Sensex 30 index lost 1.89%.

The biggest gainers of the session on the Nifty 50 were IndusInd Bank Ltd., which rose 2.93% or 33.45 points to trade at 1176.00 at the close. Larsen & Toubro Ltd added 1.82% or 32.45 points to end at 1817.00 and UltraTech Cement Ltd was up 1.26% or 92.45 points to 7446.65 in late trade.

Biggest losers included Adani Ports and Special Economic Zone Ltd, which lost 7.74% or 57.75 points to trade at 688.10 in late trade. ITC Ltd declined 5.60% or 13.35 points to end at 225.10 and Oil and Natural Gas Corporation Ltd shed 4.43% or 7.00 points to 150.90.

The breadth, indicating the overall health of the market, 2184 fell and 916 advanced, while 112 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.23% to 74.891.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower and closed in strong red for the last session. Technically, we expect to see some corrections along the way and a gap down today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the crucial support level holding near 17800. The downside rally could be testing all the way up to 17650-17500 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 as long as the stiff resistance holds near 18100. A slide to 18250 is also a possibility if the price makes or break above the resistance level.

Technical Chart

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