Pre-Market Wednesday Asian market negative trading, Nifty50 on the SGX were trading lower at 17949 - 59.25 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 17949 - 59.25 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.13%, while the BSE Sensex 30 index lost 0.19%.
The biggest gainers of the session on the Nifty 50 were Mahindra & Mahindra Ltd., which rose 3.80% or 32.65 points to trade at 892.15 at the close. Tata Motors Ltd added 1.65% or 8.25 points to end at 509.65 and Hero MotoCorp Ltd was up 1.27% or 34.10 points to 2717.00 in late trade.
Biggest losers included Britannia Industries Ltd, which lost 2.58% or 96.10 points to trade at 3621.60 in late trade. HDFC Bank Ltd declined 1.75% or 28.00 points to end at 1572.25 and Maruti Suzuki India Ltd. shed 1.39% or 107.05 points to 7577.55.
The breadth, indicating the overall health of the market, 1949 rose and 1263 declined, while 169 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.19% to 74.045.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session but ended up in slight red. Technically, the upside still remains a possibility. Also, 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 18100. The upside rally could be testing all the way up to 18250-18400 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 crucial support holds near 17950. A slide to 17800-17650 is also a possibility if the price makes or break below the support level.
Technical Chart
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