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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17335.20 +25 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 1.56%, while the BSE Sensex 30 index gained 1.56%.

The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which rose 5.02% or 21.15 points to trade at 442.50 at the close. Tata Steel Ltd added 3.61% or 40.00 points to end at 1148.80 and AXIS Bank Ltd was up 3.60% or 23.90 points to 687.00 in late trade.

Biggest losers included Cipla Ltd., which lost 0.64% or 5.70 points to trade at 889.25 in late trade. Britannia Industries Ltd declined 0.58% or 20.20 points to end at 3476.00 and Divis Laboratories Ltd. shed 0.47% or 22.00 points to 4624.80.

The breadth, indicating the overall health of the market, 2261 rose and 923 declined, while 116 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.06% to 75.437.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded higher for the last session and ended up in green. Also, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 17250. The upside rally could be testing all the way up to 17400-17550 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 16900. A slide to 16750 is also a possibility if the price makes or break below the current support level.

Technical Chart

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