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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17771.80 +160.75 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.99%, while the BSE Sensex 30 index fell 0.93%.

The biggest gainers of the session on the Nifty 50 were Oil and Natural Gas Corporation Ltd, which rose 2.72% or 4.45 points to trade at 168.10 at the close. Tata Consumer Products Ltd added 2.40% or 19.20 points to end at 820.65 and UPL Ltd was up 1.77% or 12.65 points to 727.30 in late trade.

Biggest losers included SBI Life Insurance Company Ltd, which lost 3.95% or 49.90 points to trade at 1212.05 in late trade. Hindalco Industries Ltd. declined 3.92% or 19.40 points to end at 475.90 and IndusInd Bank Ltd. shed 3.14% or 36.75 points to 1131.85.

The breadth, indicating the overall health of the market, 1756 fell and 1369 advanced, while 141 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.66% to 75.032.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Nifty has closed in red, traded lower near the historical high. Technically the upside trend remains intact, 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 stiff resistance level holding near 17900. The upside rally could be testing all the way up to whole new 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 Key support holds near 17600. A slide to 17450-17300 is also a possibility if the price makes or break below the support level.

Technical Chart

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