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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15267.20 +34.25 points on indicating gap up opening for the NSE.

Nifty 50 has stayed above 15200 and as per the technical aspects it is a good chance to try and cross over 15600.

The BSE Sensex 30 ended up dropping 14 points down yesterday. Nifty Bank was down 0.81%.

Asian Paints Ltd., Titan Company Ltd and JSW Steel Ltd rallied up over 3% each as HDFC Bank Ltd dropped to 1.92%, followed by HDFC Life Insurance Company Ltd that ended down 1.37%. AXIS Bank Ltd and Reliance Industries Ltd lost near 1% each.

Rupee desk: The USD/INR was down -0.02% to 72.776.

Technical outlook

Nifty 4hr chart has formed "Rising wedge" 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 current price action, once the same break below the current key support holding near 15150. The downside rally could be testing all the way up to 15000-14850 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 15300. A slide to 15430 & furthermore levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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