The Nifty has traded lower as expected and closed in red yet again on the last session, breaking out last few sessions - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17660.20 -155.55 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 fell 1.01%, while the BSE Sensex 30 index lost 1.06%. The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 4.89% or 10.00 points to trade at 214.65 at the close. Grasim Industries Ltd added 1.66% or 30.00 points to end at 1836.50 and Bharti Airtel Ltd. was up 1.66% or 11.70 points to 715.40 in late trade.
Biggest losers included Bajaj Finserv Ltd, which lost 4.53% or 818.35 points to trade at 17258.95 in late trade. Bajaj Auto Ltd declined 3.73% or 128.05 points to end at 3308.75 and Divis Laboratories Ltd. shed 3.39% or 151.75 points to 4329.75.
The breadth, indicating the overall health of the market, 1711 rose and 1600 declined, while 73 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.09% to 74.495.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower as expected and closed in red yet again on the last session, breaking out last few sessions low at once. 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 crucial support level near 17650. The downside rally could be testing all the way up to 17500-17350 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 near 17950. A slide to 18100-18250 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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