The Nifty has traded lower and closed in slight green on the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17831.20 +10.75 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 1.00%, while the BSE Sensex 30 index fell 1.03%.
The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 2.39% or 18.25 points to trade at 782.75 at the close. IndusInd Bank Ltd. added 1.96% or 17.75 points to end at 921.70 and Bajaj Auto Ltd was up 1.78% or 59.65 points to 3418.20 in late trade.
Biggest losers included JSW Steel Ltd, which lost 2.96% or 20.55 points to trade at 673.95 in late trade. UltraTech Cement Ltd declined 2.62% or 201.00 points to end at 7458.55 and Tech Mahindra Ltd shed 2.62% or 45.45 points to 1692.10.
The breadth, indicating the overall health of the market, 1930 rose and 1341 declined, while 87 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.03% to 74.455.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower and closed in slight green on the last session. We expect to see a small gap up today. Technically, the analysis remains same. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level near 17800. The upside rally could be testing all the way up to 18000-18200 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 again as long as the crucial support holds near 17550. A slide to 17350-17150 is also a possibility if the price makes or break above the current support level.
Technical Chart
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