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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17252.50 +31.75 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 declined 0.10%, while the BSE Sensex 30 index lost 0.18%. The biggest gainers of the session on the Nifty 50 were Tata Consumer Products Ltd, which rose 2.76% or 19.35 points to trade at 720.35 at the close. Oil And Natural Gas Corporation Ltd added 1.90% or 3.20 points to end at 171.75 and Housing Development Finance Corporation Ltd was up 1.86% or 44.05 points to 2407.90 in late trade.

Biggest losers included UltraTech Cement Ltd, which lost 1.85% or 132.95 points to trade at 7045.95 in late trade. AXIS Bank Ltd declined 1.79% or 14.25 points to end at 782.80 and ICICI Bank Ltd shed 1.79% or 13.70 points to 750.35.

The breadth, indicating the overall health of the market, 2004 fell and 1264 advanced, while 98 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.11% to 75.036.

Technical outlook

Nifty daily chart has formed "Bullish pennant chart" pattern. The Nifty has traded sideways and yet again closed in red for the last session. Technically, the analysis remains same. We expect to see a small 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 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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