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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17042.50 +92.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 1.65% to hit a new 3-month low, while the BSE Sensex 30 index declined 1.65%.

The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 0.44% or 3.15 points to trade at 715.90 at the close. Housing Development Finance Corporation Ltd fell 0.10% or 2.85 points to end at 2768.80 and Eicher Motors Ltd. was down 0.23% or 5.55 points to 2450.00 in late trade.

Biggest losers included Coal India Ltd, which lost 7.01% or 11.20 points to trade at 148.55 in late trade. IndusInd Bank Ltd. declined 3.73% or 35.50 points to end at 915.65 and Tata Consumer Products Ltd shed 3.45% or 26.70 points to 747.60.

The breadth, indicating the overall health of the market, 1934 fell and 1394 advanced, while 176 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.28% to 75.438.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower for the last session yet again and ended up in red. Also, we expect to see a gap up 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 16850. The downside rally could be testing all the way up to 16700-16550 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 17100. A slide to 17250-17400 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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