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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17634.20 +43.50 points on indicating gap up opening for the NSE

At the close in NSE, the Nifty 50 added 0.50%, while the BSE Sensex 30 index climbed 0.34%.

The biggest gainers of the session on the Nifty 50 were JSW Steel Ltd, which rose 4.00% or 26.30 points to trade at 683.30 at the close. Power Grid Corporation of India Ltd added 3.94% or 7.65 points to end at 201.85 and Coal India Ltd was up 3.75% or 5.65 points to 156.20 in late trade.

Biggest losers included IndusInd Bank Ltd., which lost 2.54% or 25.55 points to trade at 981.35 in late trade. Asian Paints Ltd. declined 2.32% or 75.70 points to end at 3185.55 and Infosys Ltd shed 1.28% or 22.50 points to 1736.90.

The breadth, indicating the overall health of the market, 2364 rose and 788 declined, while 157 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.02% to 74.415.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session but ended up in green, retesting the channel’s support line. 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 17550. The upside rally could be testing all the way up to 17700-17850 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 17250. A slide to 17100 is also a possibility if the price makes or break below the current support level.

Technical Chart

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