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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14546.50 -59 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 lost 1.77%, while the BSE Sensex 30 index lost 1.98%.

The biggest gainers of the session on the Nifty 50 were Oil and Natural Gas Corporation Ltd, which rose 3.94% or 4.10 points to trade at 108.15 at the close. Coal India Ltd added 3.90% or 5.00 points to end at 133.05 and Divis Laboratories Ltd. was up 3.87% or 151.50 points to 4062.35 in late trade.

Biggest losers included Housing Development Finance Corporation Ltd, which lost 4.68% or 118.75 points to trade at 2420.10 in late trade. HDFC Bank Ltd declined 4.09% or 60.20 points to end at 1412.30 and ICICI Bank Ltd shed 3.37% or 20.95 points to 600.50.

The breadth, indicating the overall health of the market, 1524 fell and 1304 advanced, while 161 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.05% to 74.053.

Technical outlook

Nifty 4hr 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 14550. The downside rally could be testing all the way up to 14400-14250 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 15000.

Technical Chart

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