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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17431.80 +15.75 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.50% to hit a new 1- month low, while the BSE Sensex 30 index lost 0.55%.

The biggest gainers of the session on the Nifty 50 were Adani Ports and Special Economic Zone Ltd, which rose 4.63% or 33.80 points to trade at 763.05 at the close. Oil And Natural Gas Corporation Ltd added 4.26% or 6.25 points to end at 152.95 and Coal India Ltd was up 1.86% or 2.90 points to 159.10 in late trade.

Biggest losers included Tata Consumer Products Ltd, which lost 2.68% or 22.00 points to trade at 798.95 in late trade. Eicher Motors Ltd. declined 2.39% or 62.25 points to end at 2536.95 and Maruti Suzuki India Ltd. shed 2.35% or 184.55 points to 7669.45.

The breadth, indicating the overall health of the market, 1912 rose and 1279 declined, while 133 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.04% to 74.398.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session but ended up in red, after retesting near the channel’s support line. Also, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 17550. The upside rally could be testing all the way up to 17700-17850 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the crucial support holds near 17250. A slide to 17100 is also a possibility if the price makes or break below the current support level.

Technical Chart

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