03-09-2021 09:50 AM | Source: Enrich Commodities India Pvt Ltd
Nifty daily chart has formed `Ascending broadening wedge` pattern - Enrich Commodities
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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15082.80 -27.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.12%, while the BSE Sensex 30 index climbed 0.07%.

The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 6.49% or 38.40 points to trade at 629.95 at the close. GAIL Ltd added 4.76% or 7.00 points to end at 154.15 and Larsen & Toubro Ltd was up 3.53% or 51.65 points to 1515.20 in late trade.

Biggest losers included Bajaj Finance Ltd, which lost 2.28% or 124.25 points to trade at 5320.65 in late trade. Shree Cements Ltd. declined 2.19% or 608.60 points to end at 27240.00 and IndusInd Bank Ltd. shed 2.08% or 21.65 points to 1018.25.

The breadth, indicating the overall health of the market, 1665 rose and 1356 declined, while 199 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.04% to 73.207.

 

Technical outlook

Nifty daily chart has formed "Ascending 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 15300.

 

Technical Chart

 

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