The Nifty 50 declined 0.41% to hit a new 3-month low, while the BSE Sensex 30 index declined 0.34% - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17149.50 +112.55 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.41% to hit a new 3-month low, while the BSE Sensex 30 index declined 0.34%.
The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 3.12% or 6.25 points to trade at 206.50 at the close. Shree Cements Ltd. added 3.07% or 783.85 points to end at 26349.95 and Tata Consumer Products Ltd was up 2.35% or 18.00 points to 784.00 in late trade.
Biggest losers included Tata Steel Ltd, which lost 4.01% or 44.75 points to trade at 1070.00 in late trade. Kotak Mahindra Bank Ltd. declined 3.10% or 62.60 points to end at 1957.00 and JSW Steel Ltd shed 2.81% or 17.60 points to 608.00.
The breadth, indicating the overall health of the market, 1732 rose and 1420 declined, while 149 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.22% to 75.195.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower for the last session yet again and ended up in red, testing near the channel’s support line. Also, we expect to see a gap up today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 16950. The downside rally could be testing all the way up to 16800-16650 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again as long as the stiff resistance holds near 17100. A slide to 17250-17400 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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