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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17933 -45 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.61%, while the BSE Sensex 30 index fell 0.65%.

The biggest gainers of the session on the Nifty 50 were Maruti Suzuki India Ltd., which rose 7.29% or 547.25 points to trade at 8050.35 at the close. Mahindra & Mahindra Ltd. added 3.44% or 31.90 points to end at 960.30 and Tata Motors Ltd was up 2.69% or 13.60 points to 519.05 in late trade.

Biggest losers included Shree Cements Ltd., which lost 3.19% or 927.20 points to trade at 28150.00 in late trade. Reliance Industries Ltd declined 2.32% or 59.90 points to end at 2517.90 and Tata Consumer Products Ltd shed 2.31% or 19.70 points to 832.85.

The breadth, indicating the overall health of the market, 1668 fell and 1567 advanced, while 138 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.00% to 74.377.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session and ended up in red. Also, 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 key support level holding near 17950. The downside rally could be testing all the way up to 17800-17650 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 as long as the stiff

Technical Chart

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