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Published on 16/04/2019 9:35:09 AM | Source: Enrich Commodities India Pvt Ltd

Nifty daily chart has formed `Ascending broadening wedge`pattern - Enrich Commodities

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Nifty

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11761 +24 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 rose 0.40%, while the BSE Sensex 30 index gained 0.36%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 7.43% or 16.05 points to trade at 231.75 at the close. Tata Consultancy Services Ltd. added 4.89% or 98.50 points to end at 2113.30 and Coal India Ltd was up 4.15% or 10.00 points to 250.00 in late trade.

Biggest losers included Infosys Ltd, which lost 2.61% or 19.55 points to trade at 727.50 in late trade. Bharti Infratel Ltd declined 1.67% or 5.25 points to end at 308.45 and Sun Pharmaceutical Industries Ltd. shed 1.38% or 6.40 points to 458.65.

The breadth, indicating the overall health of the market, 1410 rose and 1100 declined, while 176 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.31% to 69.385.

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11750. The upside rally could be testing all the way up to 11800-11900 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 11650-11550 levels. Key support holds at 11550.

 

Technical Chart:

 

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