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NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 16855.80 -56 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.94%, while the BSE Sensex 30 index added 0.89%.

The biggest gainers of the session on the Nifty 50 were HCL Technologies Ltd, which rose 3.89% or 45.10 points to trade at 1205.00 at the close. Wipro Ltd added 3.73% or 24.85 points to end at 690.80 and UPL Ltd was up 3.58% or 25.35 points to 733.65 in late trade.

Biggest losers included Power Grid Corporation of India Ltd, which lost 1.55% or 3.25 points to trade at 206.60 in late trade. AXIS Bank Ltd declined 1.26% or 8.50 points to end at 665.85 and Bajaj Finance Ltd shed 0.85% or 56.60 points to 6577.55.

The breadth, indicating the overall health of the market, 2205 rose and 1014 declined, while 109 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.19% to 75.577.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded in an inside a day for the last session and still ended up weak. The analysis remains same. 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 moved near 16600. The downside rally could be testing all the way up to 16300-16000 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 16900. A slide to 17200-17500 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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