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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15760.50 +13.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.17%, while the BSE Sensex 30 index declined 0.13%.

The biggest gainers of the session on the Nifty 50 were Coal India Ltd, which rose 1.49% or 2.15 points to trade at 146.65 at the close. Infosys Ltd added 1.14% or 17.75 points to end at 1580.80 and Divis Laboratories Ltd. was up 1.11% or 48.45 points to 4404.60 in late trade.

Biggest losers included Shree Cements Ltd., which lost 2.24% or 629.85 points to trade at 27504.60 in late trade. UPL Ltd declined 1.56% or 12.55 points to end at 792.85 and Bajaj Finserv Ltd shed 1.55% or 190.85 points to 12109.05.

The breadth, indicating the overall health of the market, 1622 rose and 1464 declined, while 107 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.05% to 74.328.

Technical outlook

Nifty 4hr chart has formed "Rising 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 the current price action, once the same break below a key support holding near 15700. The downside rally could be testing all the way up to 15550-15400 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 15850. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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