The market is expected to continue on bearish momentum based on the current price action - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17279.20 +6.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.16%, while the BSE Sensex 30 index added 0.20%.
The biggest gainers of the session on the Nifty 50 were Bajaj Finance Ltd, which rose 2.65% or 181.60 points to trade at 7028.85 at the close. Infosys Ltd added 2.16% or 37.40 points to end at 1771.60 and Bharat Petroleum Corp. Ltd. was up 1.76% or 6.75 points to 391.05 in late trade.
Biggest losers included Hindalco Industries Ltd., which lost 1.71% or 7.85 points to trade at 450.50 in late trade. Cipla Ltd. declined 1.64% or 14.70 points to end at 881.00 and ICICI Bank Ltd shed 1.48% or 11.10 points to 741.15.
The breadth, indicating the overall health of the market, 1811 fell and 1446 advanced, while 98 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.30% to 76.113.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower for the last session but ended up in red. Also, 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 key support level holding near 17150. The downside rally could be testing all the way up to 17000-16850 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 17400. A slide to 17550-17700 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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