Pre-Market Wednesday Asian market negative trading, Nifty50 on the SGX were trading lower at 14823.20 -51.30 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14823.20 -51.30 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.61%, while the BSE Sensex 30 index lost 0.69%.
The biggest gainers of the session on the Nifty 50 were Coal India Ltd, which rose 5.88% or 8.65 points to trade at 155.70 at the close. GAIL Ltd added 4.76% or 7.35 points to end at 161.90 and NTPC Ltd was up 4.64% or 5.00 points to 112.70 in late trade.
Biggest losers included JSW Steel Ltd, which lost 3.22% or 24.40 points to trade at 734.25 in late trade. Hindalco Industries Ltd. declined 3.04% or 12.95 points to end at 412.80 and Kotak Mahindra Bank Ltd. shed 2.98% or 53.90 points to 1755.45.
The breadth, indicating the overall health of the market, 1785 rose and 1144 declined, while 170 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.14% to 73.344.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 14800. The downside rally could be testing all the way up to 14650-14500 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. Key resistance holds near 14950. A slide to 15100-15250 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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