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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17542.80 -19.80 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 gained 0.95%, while the BSE Sensex 30 index gained 0.88%. The biggest gainers of the session on the Nifty 50 were JSW Steel Ltd, which rose 5.65% or 35.75 points to trade at 668.95 at the close. Oil And Natural Gas Corporation Ltd added 5.21% or 6.70 points to end at 135.20 and Bajaj Finance Ltd was up 4.99% or 371.40 points to 7813.85 in late trade. Biggest losers included Maruti Suzuki India Ltd., which lost 2.49% or 173.40 points to trade at 6777.00 in late trade. Bharat Petroleum Corp. Ltd. declined 1.57% or 6.60 points to end at 413.80 and Hero MotoCorp Ltd shed 1.35% or 39.05 points to 2850.45. The breadth, indicating the overall health of the market, 1549 fell and 1511 advanced, while 157 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.01% to 73.652.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Last session, the Nifty traded sideways and has closed in the green. Although upside still remains possible, we expect to see a gap down today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 17600. The upside rally could be testing all the way up to 17800 and furthermore new 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 as long as the key support holds near17400. A slide to 17250-17100 is also a possibility if the price makes or break below the support level.

Technical Chart

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