Pre-Market Wednesday Asian market positive trading, Nifty50 on the SGX were trading higher at 17416.20 +47 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17416.20 +47 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.09%, while the BSE Sensex 30 index declined 0.03%.
The biggest gainers of the session on the Nifty 50 were Housing Development Finance Corporation Ltd, which rose 2.46% or 67.90 points to trade at 2833.20 at the close. Bharti Airtel Ltd. added 2.44% or 15.95 points to end at 670.55 and Grasim Industries Ltd was up 1.53% or 23.45 points to 1554.45 in late trade.
Biggest losers included Sun Pharmaceutical Industries Ltd., which lost 1.83% or 14.35 points to trade at 769.90 in late trade. Bharat Petroleum Corp. Ltd. declined 1.80% or 8.85 points to end at 481.95 and Tech Mahindra Ltd shed 1.78% or 25.95 points to 1435.20.
The breadth, indicating the overall health of the market, 1760 fell and 1265 advanced, while 127 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.50% to 73.437.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher and yet ended in red, resulting in the formation of a spinning top candle. We expect today to see a small gap up 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 17430. The upside rally could be testing all the way up to whole 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 17250. A slide to 17100-16950 is also a possibility if the price makes or break below the support level.
Technical Chart
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