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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading higher at 16488.50 +68.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 unchanged 0% to hit a new 6-month low, while the BSE Sensex 30 index unchanged 0%.

The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which unchanged 0% or 0 points to trade at 509.95 at the close. Nestle India Ltd unchanged 0% or 0 points to end at 17990.20 and Britannia Industries Ltd was unchanged 0% or 0 points to 3501.50 in late trade.

Biggest losers included Tata Motors Ltd, which unchanged 0% or 0 points to trade at 479.80 in late trade. UPL Ltd unchanged 0% or 0 points to end at 687.15 and IndusInd Bank Ltd. 0% or 0 points to 937.90.

The breadth, indicating the overall health of the market, 3074 fell and 222 advanced, while 83 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was unchanged 0% to 74.859.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower reaching down to 6 months low and has closed in red for the last session. Technically, Market volatility will be still prevalent. 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 current support level near 16200. The downside rally could be testing all the way up to 16000-15850 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 resistanceholds near 16500. A slide to 16650-16800 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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