The current key support holding near 14650 - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX
were trading higher at 14924 +168 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 1.27%, while the BSE Sensex 30 index lost 1.12%.
the Nifty 50 were ITC Ltd, which rose 1.32% or 2.75 points to trade at 210.60 at the close. Infosys Ltd added 0.22% or 3.00 points to end at 1387.00 and Housing Development Finance Corporation Ltd was up 0.21% or 5.15 points to 2515.55 in late trade.
Biggest losers included Oil and Natural Gas Corporation Ltd, which lost 5.00% or 5.75 points to trade at 109.35 in late trade. Bharat Petroleum Corp. Ltd. declined 4.80% or 21.80 points to end at 432.05 and Tata Motors Ltd shed 4.42% or 14.15 points to 305.80.
The breadth, indicating the overall health of the market, 2077 fell and 804 advanced, while 132 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.00% to 72.512.
Technical outlook
Nifty 2hr chart has formed "Descending broadening wedge" 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 14650. The downside rally could be testing all the way up to 14500-14350 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 near14950. A slide to 15100 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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