The Nifty has traded higher for the last session but ended up in red - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17305 -59 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.82%, while the BSE Sensex 30 index lost 0.86%
The biggest gainers of the session on the Nifty 50 were AXIS Bank Ltd, which rose 2.32% or 15.95 points to trade at 704.00 at the close. Tech Mahindra Ltd added 2.22% or 35.50 points to end at 1638.15 and Maruti Suzuki India Ltd. was up 1.22% or 90.75 points to 7516.40 in late trade.
Biggest losers included Bajaj Finance Ltd, which lost 3.14% or 233.75 points to trade at 7218.75 in late trade. Bajaj Finserv Ltd declined 2.19% or 387.10 points to end at 17324.00 and Tata Consumer Products Ltd shed 2.02% or 15.55 points to 754.10.
The breadth, indicating the overall health of the market, 1872 rose and 1500 declined, while 167 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.14% to 75.801.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session but ended up in red. Also, we expect to see a gap down 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 17300. The downside rally could be testing all the way up to 17150-17000 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 17600. A slide to 17750-17900 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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