Pre-Market Wednesday Asian market negative trading, Nifty50 on the SGX were trading lower at 18325.20 -24.80 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 18325.20 -24.80 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.79%, while the BSE Sensex 30 index added 0.63%.
The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 5.99% or 28.75 points to trade at 508.65 at the close. Tata Steel Ltd added 3.89% or 50.35 points to end at 1343.65 and SBI Life Insurance Company Ltd was up 3.75% or 42.35 points to 1172.05 in late trade.
Biggest losers included IndusInd Bank Ltd., which lost 1.94% or 22.85 points to trade at 1154.90 in late trade. ICICI Bank Ltd declined 1.46% or 12.30 points to end at 829.40 and Power Grid Corporation of India Ltd shed 1.17% or 2.25 points to 190.40.
The breadth, indicating the overall health of the market, 2123 rose and 981 declined, while 133 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.12% to 74.925.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. Although the Nifty has seen corrections on last few sessions, but has managed to stay above strong support. Technically the upside trend remains intact, 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 18350. The upside rally could be testing all the way up to 18500-18650 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 near 18050. A slide to 17900 is also a possibility if the price makes or break below the support level.
Technical Chart
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