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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15074.50 -76.50 points on indicating gap down opening for the NSE.

Nifty 50 ended up gaining over 185 points and the BSE Sensex 30 ended up gaining 613 points yesterday, as both indices gained 1.24% each.

Rally on Auto stocks led yesterday are as follows, Mahindra & Mahindra Ltd. ended up 5.77%, as Bajaj Auto Ltd gained over 5.19%. Titan Company Ltd pointed as third gainers closing up 4.95%, as Bajaj Finance Ltd ended up 4.53%.

Nifty Bank covered up 1.38%, as the Nifty Midcap 50 ended up 2% and NIFTY Smallcap 100 ended up 1.59%..

Rupee desk: The USD/INR was up 0.05% to 73.090.

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 bullish momentum based on current price action, once the same break above the current key resistance holding near 15150. The upside rally could be testing all the way up to 15300-15430 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 bearish/sideways mode once again. Key support holds near 15000. A slide to 14850-14700 is also a possibility if the price makes or break below the current support level.

Technical Chart

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