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Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17973.20 +14.25 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 lost 0.80%, while the BSE Sensex 30 index fell 0.72%. The biggest gainers of the session on the Nifty 50 were Titan Company Ltd, which rose 1.75% or 43.50 points to trade at 2528.10 at the close. Hindalco Industries Ltd. added 0.93% or 4.20 points to end at 453.95 and JSW Steel Ltd was up 0.63% or 4.15 points to 666.55 in late trade.Biggest losers included Indian Oil Corporation Ltd, which lost 4.41% or 6.15 points to trade at 133.30 in late trade. Tech Mahindra Ltd declined 2.85% or 44.65 points to end at 1521.95 and State Bank of India shed 2.82% or 14.80 points to 509.60. The breadth, indicating the overall health of the market, 1788 fell and 1408 advanced, while 150 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.12% to 74.484.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session and ended up in red. Also, we expect to see a small gap up today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key 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 key resistance holds near 18000. A slide to 18150-18300 is also a possibility if the price makes or break above the resistance level.

Technical Chart

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