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Published on 21/09/2020 9:28:48 AM | Source: Enrich Commodities India Pvt Ltd

Nifty fut daily chart has formed "Rising channel" pattern By Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11486.20 -33.30 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.10%, while the BSE Sensex 30 index lost 0.34%.

The biggest gainers of the session on the Nifty 50 were Dr. Reddy’s Laboratories Ltd, which rose 9.92% or 478.75 points to trade at 5306.00 at the close. Cipla Ltd.

added 7.11% or 53.40 points to end at 804.90 and Adani Port and Special Economic Zone Ltd was up 3.76% or 13.00 points to 359.10 in late trade. Biggest losers included HDFC Bank Ltd, which lost 2.28% or 24.70 points to trade at 1058.90 in late trade.

Shree Cements Ltd. declined 2.00% or 397.65 points to end at 19490.75 and Kotak Mahindra Bank Ltd. shed 1.85% or 24.10 points to 1281.00. The breadth, indicating the overall health of the market, 1389 fell and 1254 advanced, while 163 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.25% to 73.419.

 

Technical outlook

Nifty fut daily chart has formed "Rising channel" pattern. The last few sessions ended up sideways 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 a key support holding near 11450. The downside rally could be testing all the way up to 11300-11150 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode. Key resistance holds near 11600. A slide to 11750-11900 also a possibility if the price makes or break above the current resistance level.

 

Technical Chart

 

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