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Published on 19/01/2021 10:14:23 AM | Source: Enrich Commodities India Pvt Ltd

Key resistance holds near 14500 - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14367.50 +53 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 1.06%, while the BSE Sensex 30 index lost 0.96%.

The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 6.21% or 32.45 points to trade at 555.00 at the close. Reliance Industries Ltd added 1.82% or 35.35 points to end at 1972.80 and Titan Company Ltd was up 1.40% or 20.75 points to 1498.00 in late trade.

Biggest losers included Tata Motors Ltd, which lost 6.07% or 15.80 points to trade at 244.50 in late trade. Tata Steel Ltd declined 5.79% or 40.90 points to end at 665.00 and Oil and Natural Gas Corporation Ltd shed 4.93% or 5.00 points to 96.40.

The breadth, indicating the overall health of the market, 2002 fell and 889 advanced, while 137 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.24% to 73.295.

 

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 14200. The downside rally could be testing all the way up to 14050-13900 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 14500. A slide to 14650 is also a possibility if the price makes or break above the current resistance level.

 

Technical Chart

 

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