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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16807 +62.25 points on indicating gap up opening for the NSE

At the close in NSE, the Nifty 50 fell 2.18% to hit a new 3-month low, while the BSE Sensex 30 index fell 2.09%.

The biggest gainers of the session on the Nifty 50 were Cipla Ltd., which rose 3.91% or 33.60 points to trade at 893.80 at the close. Hindustan Unilever Ltd. added 1.74% or 38.85 points to end at 2269.10 and Dr. Reddy’s Laboratories Ltd was up 0.95% or 42.75 points to 4560.70 in late trade.

Biggest losers included Bharat Petroleum Corp. Ltd., which lost 6.42% or 24.70 points to trade at 360.00 in late trade. Tata Steel Ltd declined 5.22% or 59.15 points to end at 1072.95 and Tata Motors Ltd shed 4.92% or 23.15 points to 447.05.

The breadth, indicating the overall health of the market, 2621 fell and 728 advanced, while 117 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.15% to 75.873.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session yet again and 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 16500. The downside rally could be testing all the way up to 16200-15900 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 16900. A slide to 17200-17500 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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