Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 15889.80 +104.75 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15889.80 +104.75 points on indicating gap up opening for the NSE.
During the close on the NSE, the Nifty 50 lost 0.10%, while the Sensex 30 lost 0.13%.
The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 10.09% or 70.95 points to trade at 773.95 at the close. Tech Mahindra Ltd added 7.25% or 81.75 points to end at 1209.55 and Cipla Ltd. was up 4.18% or 36.95 points to 920.05 in late trade.
Biggest losers included Hindalco Industries Ltd., which lost 2.90% or 13.30 points to trade at 444.80 in late trade. Bajaj Finance Ltd declined 2.69% or 172.00 points to end at 6228.10 and SBI Life Insurance Company Ltd shed 2.68% or 30.25 points to 1098.60.
The breadth, indicating the overall health of the market, 1746 rose and 1338 declined, while 120 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.21% to 74.399.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below a key support holding near 15730. The downside rally could be testing all the way up to 15600-15450 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 15860. A slide to 15950 & furthermore new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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