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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17170.25 -38.75 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 1.08%, while the BSE Sensex 30 index added 1.09%.

The biggest gainers of the session on the Nifty 50 were IndusInd Bank Ltd., which rose 5.74% or 50.65 points to trade at 933.65 at the close. JSW Steel Ltd added 4.73% or 28.80 points to end at 637.20 and AXIS Bank Ltd was up 3.65% or 23.95 points to 679.60 in late trade.

Biggest losers included Cipla Ltd., which lost 4.44% or 43.15 points to trade at 928.15 in late trade. Divis Laboratories Ltd. declined 2.59% or 126.60 points to end at 4752.20 and UltraTech Cement Ltd shed 1.53% or 113.75 points to 7320.00.

The breadth, indicating the overall health of the market, 1844 rose and 1312 declined, while 129 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.22% to 74.927.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded little higher for the last session and ended up in slight green, testing near the channel’s support line. Also, we expect to see 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 key support level holding near 17100. The downside rally could be testing all the way up to 16950-16800 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 17350. A slide to 17500-17650 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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