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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18356 +36 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.83%, while the BSE Sensex 30 index fell 0.74%.

The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 4.02% or 27.35 points to trade at 708.45 at the close. State Bank of India added 2.40% or 11.70 points to end at 499.90 and Tata Motors Ltd was up 1.04% or 5.00 points to 486.90 in late trade.

Biggest losers included Hindalco Industries Ltd., which lost 3.90% or 20.80 points to trade at 512.95 in late trade. Titan Company Ltd declined 2.96% or 73.50 points to end at 2411.40 and Hindustan Unilever Ltd. shed 2.68% or 68.15 points to 2478.65.

The breadth, indicating the overall health of the market, 2217 fell and 915 advanced, while 113 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.31% to 74.871.

Technical outlook

Nifty 4hr chart has formed "Rising wedge" pattern. Although the Nifty has seen some more profit booking, it has managed to stay above strong support. 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 18450. The upside rally could be testing all the way up to 18600 & furthermore 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 18200. A slide to 18050-17900 is also a possibility if the price makes or break below the support level.

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