The Nifty has traded lower for the last session and ended up in red - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 16894.50 - 121.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 fell 1.53%, while the BSE Sensex 30 index lost 1.54%
The biggest gainers of the session on the Nifty 50 were Wipro Ltd, which rose 4.11% or 26.50 points to trade at 670.80 at the close. Infosys Ltd added 2.78% or 49.25 points to end at 1820.85 and HCL Technologies Ltd was up 1.00% or 11.65 points to 1171.40 in late trade
Biggest losers included IndusInd Bank Ltd., which lost 4.88% or 45.30 points to trade at 883.00 in late trade. Tata Motors Ltd declined 4.42% or 21.75 points to end at 470.20 and Oil and Natural Gas Corporation Ltd shed 4.09% or 5.95 points to 139.40.
The breadth, indicating the overall health of the market, 2217 fell and 1027 advanced, while 95 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.19% to 76.012.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower for the last session and ended up in red. Also, 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 key support level holding near 16900. The downside rally could be testing all the way up to 16700-16500 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 17200. A slide to 17400-17600 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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