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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 18137.50 -36 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 lost 1.07%, while the BSE Sensex 30 index declined 0.90%.

The biggest gainers of the session on the Nifty 50 were AXIS Bank Ltd, which rose 1.76% or 12.55 points to trade at 725.20 at the close. HDFC Bank Ltd added 0.51% or 7.75 points to end at 1529.25 and ICICI Bank Ltd was up 0.46% or 3.80 points to 823.10 in late trade.

Biggest losers included Tata Consumer Products Ltd, which lost 4.40% or 33.65 points to trade at 731.45 in late trade. Maruti Suzuki India Ltd. declined 4.24% or 350.35 points to end at 7915.15 and UltraTech Cement Ltd shed 3.81% or 300.10 points to 7570.00. The breadth, indicating the overall health of the market, 2205 fell and 1105 advanced, while 80 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.41% to 74.555.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower and closed in red on the last session, breaking out last few sessions low at once. 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 crucial support level near 18050. The downside rally could be testing all the way up to 17900-17750 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 bullish/sideways mode once again as long as the stiff resistance holds near 18350. A slide to 18500-18650 is also a possibility if the price makes or break above the current resistance level.

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