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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 16542 -125 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 unchanged 0%, while the BSE Sensex 30 index unchanged 0%. The biggest gainers of the session on the Nifty 50 were Coal India Ltd, which unchanged 0% or 0 points to trade at 157.50 at the close. Tata Motors Ltd unchanged 0% or 0 points to end at 479.80 and Tata Steel Ltd was unchanged 0% or 0 points to 1136.00 in late trade.

Biggest losers included Britannia Industries Ltd, which unchanged 0% or 0 points to trade at 3501.50 in late trade. Nestle India Ltd unchanged 0% or 0 points to end at 17990.20 and Hindustan Unilever Ltd. 0% or 0 points to 2268.35.

The breadth, indicating the overall health of the market, 2551 rose and 717 declined, while 92 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was unchanged 0% to 74.859.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded higher and has closed in green for the last session. Technically, Market volatility will be still prevalent. The market is expected to open on a long gap down formation, to continue on bearish momentum, once the same break below the current support level near 16500. The downside rally could be testing all the way up to 16300-16100 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 16700. A slide to 16850-17000 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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