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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 16886.50 - 42.50 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 rose 1.45%, while the BSE Sensex 30 index added 1.68%. The biggest gainers of the session on the Nifty 50 were Infosys Ltd, which rose 3.77% or 68.70 points to trade at 1,890.70 at the close. HDFC Bank Ltd added 3.28% or 45.75 points to end at 1,442.55 and State Bank of India was up 3.15% or 14.80 points to 485.15 in late trade.

Biggest losers included Indian Oil Corporation Ltd, which lost 2.59% or 3.20 points to trade at 120.50 in late trade. Oil And Natural Gas Corporation Ltd declined 2.22% or 3.90 points to end at 171.80 and Hindustan Unilever Ltd. shed 1.68% or 35.10 points to 2,059.30.

The breadth, indicating the overall health of the market, 1703 fell and 1668 advanced, while 137 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.34% to 76.50.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded higher as expected and closed in green for the last session. Technically, Market volatility might be still prevalent. The market is expected to open on a gap down, to continue on bullish momentum, once the same break above the current resistance level near 16900. The upside rally could be testing all the way up to 17050-17200 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 againas long as the current support holds near 16650. A slide to 16500-16350 is also a possibility if the price makes or break below the current support level

Technical Chart

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