Pre-Market Tuesday Asian market negative trading, Nifty50 on the SGX were trading lower at 17085 -8.25 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17085 -8.25 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.16%, while the BSE Sensex 30 index added 0.27%.
The biggest gainers of the session on the Nifty 50 were Kotak Mahindra Bank Ltd., which rose 2.82% or 55.30 points to trade at 2019.60 at the close. HCL Technologies Ltd added 2.08% or 23.10 points to end at 1133.15 and HDFC Life Insurance Company Ltd was up 1.94% or 13.00 points to 683.65 in late trade.
Biggest losers included Bharat Petroleum Corp. Ltd., which lost 2.49% or 9.40 points to trade at 367.45 in late trade. Sun Pharmaceutical Industries Ltd. declined 2.12% or 16.25 points to end at 751.05 and Adani Ports and Special Economic Zone Ltd shed 2.12% or 15.20 points to 701.95.
The breadth, indicating the overall health of the market, 2371 fell and 929 advanced, while 171 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.06% to 75.088.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower for the last session and ended up in red, testing near the channel’s support line. Also, we expect to see a small 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 17000. The downside rally could be testing all the way up to 16850-16700 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 17200. A slide to 17350-17500 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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