The Nifty has traded lower and has closed in almost flat for the last session

03-08-2022 11:20 AM | Source: Enrich Financial Solution Pvt Ltd

The Nifty has traded lower and has closed in almost flat for the last session - Enrich Financial

News By Tags | #6801 #879

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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15737.80 - 155.20 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 fell 2.35% to hit a new 6-month low, while the BSE Sensex 30 index declined 2.74%. The biggest gainers of the session on the Nifty 50 were Oil and Natural Gas Corporation Ltd, which rose 13.13% or 21.70 points to trade at 186.95 at the close. Hindalco Industries Ltd. added 6.16% or 35.95 points to end at 619.75 and Coal India Ltd was up 4.25% or 7.70 points to 188.70 in late trade. Biggest losers included IndusInd Bank Ltd., which lost 7.48% or 67.50 points to trade at 834.40 in late trade. AXIS Bank Ltd declined 6.64% or 47.45 points to end at 667.55 and Maruti Suzuki India Ltd. shed 6.60% or 478.25 points to 6,769.05. The breadth, indicating the overall health of the market, 2544 fell and 813 advanced, while 131 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.94% to 77.14.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower and has closed in almost flat for the last session. Technically, Market volatility will be still prevalent. The market is expected to open on a gap down, to continue on bearish momentum, once the same break below the current support level near 15750. The downside rally could be testing all the way up to 15600-15400 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 current resistance holds near 16000. A slide to 16150-16300 is also a possibility if the price makes or break above the current resistance level.