The Nifty has traded lower for the last session but ended up in red - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17354.80 +107.15 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.60%, while the BSE Sensex 30 index lost 0.57%.
The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 2.52% or 19.05 points to trade at 775.10 at the close. Kotak Mahindra Bank Ltd. added 1.45% or 26.60 points to end at 1867.00 and Mahindra & Mahindra Ltd. was up 1.12% or 9.35 points to 846.20 in late trade.
Biggest losers included Bajaj Finance Ltd, which lost 3.09% or 218.65 points to trade at 6847.25 in late trade. Bajaj Finserv Ltd declined 2.70% or 462.80 points to end at 16660.70 and Adani Ports and Special Economic Zone Ltd shed 2.38% or 18.20 points to 745.50.
The breadth, indicating the overall health of the market, 1677 rose and 1560 declined, while 116 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.33% to 76.290.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session but ended up in red. Also, we expect to see a gap up 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 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 17350. A slide to 17500-17650 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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