The current key support holding near 14850 - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX
were trading higher at 15008.20 +33.75 points on indicating gap up opening for the NSE
At the close in NSE, the Nifty 50 declined 0.13%, while the BSE Sensex 30 index fell 0.06%
The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 4.70% or 110.75 points to trade at 2465.75 at the close. Dr. Reddy’s Laboratories Ltd added 2.58% or 111.85 points to end at 4454.10 and Hindustan Unilever Ltd. was up 1.50% or 33.20 points to 2244.05 in late trade.
Biggest losers included Tata Steel Ltd, which lost 1.68% or 12.35 points to trade at 724.05 in late trade. Cipla Ltd. declined 1.64% or 13.20 points to end at 792.30 and Larsen & Toubro Ltd shed 1.48% or 21.95 points to 1461.80.
The breadth, indicating the overall health of the market, 1432 fell and 1418 advanced, while 173 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.01% to 72.526
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 14850. The downside rally could be testing all the way up to 14700-14550 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 15050. A slide to 15200-15350 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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