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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15747.50 +66.55 points on indicating gap up opening for the NSE

At the close in NSE, the Nifty 50 fell 0.48%, while the BSE Sensex 30 index fell 0.34%.

The biggest gainers of the session on the Nifty 50 were UltraTech Cement Ltd, which rose 1.69% or 111.60 points to trade at 6699.00 at the close. Asian Paints Ltd. added 1.38% or 41.60 points to end at 3060.30 and Tata Consultancy Services Ltd. was up 1.33% or 43.40 points to 3317.75 in late trade.

Biggest losers included Adani Ports and Special Economic Zone Ltd, which lost 8.46% or 59.80 points to trade at 646.90 in late trade. Tata Steel Ltd declined 3.36% or 38.40 points to end at 1103.75 and IndusInd Bank Ltd. shed 2.92% or 29.65 points to 984.05.

The breadth, indicating the overall health of the market, 1732 fell and 1327 advanced, while 144 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 1.30% to 74.225.

Technical outlook

Nifty 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways along with some corrections near the new historical high. 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 15600. The downside rally could be testing all the way up to 15450-15300 levels in the upcoming sessions. Alternatively, if the marketstruggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 15750. A slide to 15900 & furthermore new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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