Pre-Market Wednesday Asian market negative trading, Nifty50 on the SGX were trading lower at 15763.20 -68.75 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15763.20 -68.75 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.10%, while the BSE Sensex 30 index fell 0.04%.
The biggest gainers of the session on the Nifty 50 were UltraTech Cement Ltd, which rose 3.17% or 213.20 points to trade at 6933.05 at the close. Shree Cements Ltd. added 3.01% or 812.40 points to end at 27800.00 and HDFC Bank Ltd was up 2.62% or 39.25 points to 1534.70 in late trade.
Biggest losers included Tata Motors Ltd, which lost 8.44% or 29.20 points to trade at 316.90 in late trade. Tech Mahindra Ltd declined 2.34% or 25.10 points to end at 1049.55 and Tata Consultancy Services Ltd. shed 1.77% or 58.70 points to 3262.30.
The breadth, indicating the overall health of the market, 1609 fell and 1503 advanced, while 110 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.31% to 74.517.
Technical outlook
Nifty 4hr chart has formed "Rising channel" 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 the current price action, once the same break below a key support holding near 15800. The downside rally could be testing all the way up to 15650-15500 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 15920(Near historical high). A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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