01-01-1970 12:00 AM | Source: Enrich Financial Solution pvt ltd
Pre-Market Tuesday Asian market negative trading, Nifty50 on the SGX were trading lower at 15848.20 -13.45 points - Enrich Financial
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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15848.20 -13.45 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.29%, while the BSE Sensex 30 index lost 0.36%.

The biggest gainers of the session on the Nifty 50 were Dr. Reddy’s Laboratories Ltd, which rose 1.79% or 94.95 points to trade at 5404.25 at the close. Hindalco Industries Ltd. added 1.70% or 6.40 points to end at 382.30 and Tata Steel Ltd was up 1.61% or 18.75 points to 1184.00 in late trade.

Biggest losers included HDFC Life Insurance Company Ltd, which lost 4.10% or 29.75 points to trade at 696.20 in late trade. Titan Company Ltd declined 1.47% or 25.80 points to end at 1728.05 and Tata Consultancy Services Ltd. shed 1.30% or 44.05 points to 3336.75.

The breadth, indicating the overall health of the market, 1780 rose and 1398 declined, while 141 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.02% to 74.195.

 

Technical outlook

Nifty daily chart has formed "Rising 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 the current price action, once the same break below a key support holding near 15750. 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 15900. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

 

 

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