The Nifty has traded lower for the last session but ended up in slight green - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17309.80 -16.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.25%, while the BSE Sensex 30 index declined 0.29%.
The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 3.84% or 7.85 points to trade at 212.25 at the close. Divis Laboratories Ltd. added 2.74% or 124.00 points to end at 4654.40 and Nestle India Ltd was up 1.35% or 256.80 points to 19238.80 in late trade.
Biggest losers included ITC Ltd, which lost 2.56% or 6.00 points to trade at 228.60 in late trade. Bajaj Finance Ltd declined 2.12% or 152.85 points to end at 7065.90 and Tata Consumer Products Ltd shed 1.94% or 14.60 points to 739.50.
The breadth, indicating the overall health of the market, 1765 rose and 1451 declined, while 113 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.16% to 75.884.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session but ended up in slight green. 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 17250. The downside rally could be testing all the way up to 17100-16950 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 17450. A slide to 17600-17750 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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