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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18049.20 +40.75 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.26% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.25%.

The biggest gainers of the session on the Nifty 50 were Titan Company Ltd, which rose 5.51% or 130.20 points to trade at 2492.60 at the close. Bajaj Auto Ltd added 3.29% or 126.65 points to end at 3978.75 and State Bank of India was up 2.93% or 13.75 points to 483.00 in late trade.

Biggest losers included HCL Technologies Ltd, which lost 4.03% or 52.55 points to trade at 1250.35 in late trade. HDFC Life Insurance Company Ltd declined 1.92% or 13.80 points to end at 703.50 and Tech Mahindra Ltd shed 1.84% or 25.75 points to 1374.45.

The breadth, indicating the overall health of the market, 1682 rose and 1499 declined, while 114 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.12% to 75.477.

Technical outlook

Nifty 4hr chart has formed "Rising wedge" pattern. Nifty has closed in green, traded higher near 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 stiff resistance level holding near 18050. 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 17850. A slide to 17700-17550 is also a possibility if the price makes or break below the support level.

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