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NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 16935.50 - 249.75 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 rose 0.75%, while the BSE Sensex 30 index gained 0.64%. The biggest gainers of the session on the Nifty 50 were Maruti Suzuki India Ltd., which rose 6.83% or 550.30 points to trade at 8602.60 at the close. AXIS Bank Ltd added 6.76% or 47.60 points to end at 752.20 and State Bank of India was up 4.15% or 20.50 points to 514.65 in late trade. Biggest losers included Wipro Ltd, which lost 1.75% or 10.05 points to trade at 562.70 in late trade. Bajaj Finserv Ltd declined 1.13% or 178.20 points to end at 15528.95 and Titan Company Ltd shed 1.10% or 26.55 points to 2376.50.

The breadth, indicating the overall health of the market, 1923 rose and 1324 declined, while 88 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.31% to 74.798.

Technical outlook

Nifty daily chart has formed "Right angled descending broadening wedge" pattern. The Nifty has traded lower and yet closed in green on the last session. Technically, Volatility remains at large. We expect to see a long gap down 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 17100. The downside rally could be testing all the way up to 16900-16700 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 bullish/sideways mode once again as long as the stiff resistance holds near17350. A slide to 17550-17700 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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