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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15002.20 +64.20 points on indicating gap up opening for the NSE.

Nifty 50 dropped down to 0.83% after rallying up recently and so as the BSE Sensex 30 dropped by 0.68%.

In view to the raise of global commodity prices raised yesterday, the impact hit the metal stocks

Tata Steel Ltd dropped 5.1%, as Hindalco Industries Ltd. ended up down to 4.24% and Coal India Ltd to 3.42%. Nifty Bank fell up to 1.04%.

Cipla Ltd., Mahindra & Mahindra Ltd. and Bharat Petroleum Corp. Ltd. were all gained up to 2% each on Nifty.

Rupee desk: The USD/INR was up 0.03% to 73.029.

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 bearish momentum based on current price action, once the same break below the current key support holding near 14850. The downside rally could be testing all the way up to 14700-14550 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 15150. A slide to 15300 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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