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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17776.20 +61.20 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 added 0.74%, while the BSE Sensex 30 index gained 0.75%.

The biggest gainers of the session on the Nifty 50 were Oil and Natural Gas Corporation Ltd, which rose 10.87% or 16.05 points to trade at 163.65 at the close. IndusInd Bank Ltd. added 4.36% or 48.80 points to end at 1168.60 and Coal India Ltd was up 4.21% or 8.00 points to 197.95 in late trade.

Biggest losers included Cipla Ltd., which lost 2.40% or 22.95 points to trade at 934.55 in late trade. Hindalco Industries Ltd. declined 2.06% or 10.40 points to end at 495.30 and Shree Cements Ltd. shed 1.84% or 539.30 points to 28750.00.

The breadth, indicating the overall health of the market, 1959 rose and 1153 declined, while 155 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.08% to 74.511.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Nifty has closed in green once again, traded higher reaching the historical high. Technically the upside trend remains intact, 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 current resistance level holding near 17850. 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 17650. A slide to 17500-17350 is also a possibility if the price makes or break below the support level.

Technical Chart

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