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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17302.80 +3.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.11%, while the BSE Sensex 30 index fell 0.16%.

The biggest gainers of the session on the Nifty 50 were Eicher Motors Ltd., which rose 3.30% or 81.85 points to trade at 2562.25 at the close. Sun Pharmaceutical Industries Ltd. added 2.91% or 23.70 points to end at 838.80 and Bajaj Auto Ltd was up 2.72% or 86.45 points to 3262.50 in late trade.

Biggest losers included ITC Ltd, which lost 1.50% or 3.30 points to trade at 216.75 in late trade. State Bank of India declined 1.47% or 6.80 points to end at 454.40 and Coal India Ltd shed 1.41% or 2.10 points to 146.75.

The breadth, indicating the overall health of the market, 2001 rose and 1274 declined, while 92 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.02% to 74.716.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower and closed in the red on the last session. We expect to see a small gap up today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the crucial support level near 17150. The downside rally could be testing all the way up to 17000-16850 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 17300. A slide to 17450-17600 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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