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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16315.50 +45.10 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.13%, while the BSE Sensex 30 index climbed 0.28%.

The biggest gainers of the session on the Nifty 50 were Bharti Airtel Ltd., which rose 3.83% or 22.95 points to trade at 622.20 at the close. Tech Mahindra Ltd added 2.77% or 35.60 points to end at 1323.05 and Housing Development Finance Corporation Ltd was up 1.82% or 47.75 points to 2671.65 in late trade.

Biggest losers included Shree Cements Ltd., which lost 4.09% or 1155.30 points to trade at 27117.65 in late trade. JSW Steel Ltd declined 3.37% or 25.20 points to end at 722.15 and Tata Steel Ltd shed 2.73% or 38.60 points to 1373.60.

The breadth, indicating the overall health of the market, 2434 fell and 682 advanced, while 99 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.11% to 74.399.

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. As the Nifty traded sideways, it is still managing to stay above our crucial support, and closed slightly in the green yesterday, yet upside remains possible. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16350. The upside rally could be testing all the way up to 16450-16600 & 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 near 16200. A slide to 16050-15950 is also a possibility if the price makes or break below the current support level.

Technical Chart

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