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NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market negative trading, Nifty50 on the SGXwere trading lower at 14490.20 -113.80 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 1.11%, while the BSE Sensex 30 index fell 1.17%.

The biggest gainers of the session on the Nifty 50 were ITC Ltd, which rose 3.35% or 7.05 points to trade at 217.65 at the close. Bajaj Auto Ltd added 2.66% or 94.90 points to end at 3664.50 and Hindalco Industries Ltd. was up 1.65% or 5.40 points to 331.80 in late trade.

Biggest losers included HCL Technologies Ltd, which lost 4.02% or 39.70 points to trade at 947.75 in late trade. Infosys Ltd declined 3.60% or 49.90 points to end at 1337.10 and Dr. Reddy’s Laboratories Ltd shed 3.29% or 143.10 points to 4212.75.

The breadth, indicating the overall health of the market, 2067 fell and 804 advanced, while 128 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.07% to 72.507.

Technical outlook

Nifty daily chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 14500. The downside rally could be testing all the way up to 14350-14200 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. Key resistance holds near 14950.

Technical Chart

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