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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17416 -40.25 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 declined 1.96% to hit a new 1-month low, while the BSE Sensex 30 index lost 1.96%.

The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 3.88% or 27.75 points to trade at 742.10 at the close. Asian Paints Ltd. added 1.07% or 34.40 points to end at 3261.25 and JSW Steel Ltd was up 0.99% or 6.45 points to 657.00 in late trade.

Biggest losers included Bajaj Finance Ltd, which lost 5.70% or 426.65 points to trade at 7058.30 in late trade. Oil And Natural Gas Corporation Ltd declined 5.02% or 7.75 points to end at 146.55 and Bajaj Finserv Ltd shed 4.73% or 847.50 points to 17073.75.

The breadth, indicating the overall health of the market, 2419 fell and 883 advanced, while 161 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.06% to 74.381.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session yet again and ended up in strong red. Also, we expect to see a 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 17350. The downside rally could be testing all the way up to 17200-17050 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 17800.

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