Pre-Market Wednesday Asian market positive trading, Nifty50 on the SGX were trading higher at 17950.80 +27.85 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 17950.80 +27.85 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.23%, while the BSE Sensex 30 index lost 0.18%.
The biggest gainers of the session on the Nifty 50 were Maruti Suzuki India Ltd., which rose 2.31% or 176.20 points to trade at 7791.75 at the close. Titan Company Ltd added 1.98% or 47.65 points to end at 2453.95 and NTPC Ltd was up 1.75% or 2.35 points to 136.65 in late trade.
Biggest losers included Tata Steel Ltd, which lost 3.75% or 51.25 points to trade at 1313.65 in late trade. JSW Steel Ltd declined 2.34% or 16.10 points to end at 672.85 and Grasim Industries Ltd shed 2.28% or 40.85 points to 1748.15.
The breadth, indicating the overall health of the market, 1898 rose and 1241 declined, while 137 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.16% to 74.715.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher as expected but closed in slight red for the last session. Technically, the upside remains a possibility. 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 stiff resistance level holding near 18000. The upside rally could be testing all the way up to 18150-18300 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 17700. A slide to 17550 is also a possibility if the price makes or break below the support level.
Technical Chart
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