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Published on 26/10/2021 11:26:15 AM | Source: Enrich Financial Solution Pvt Ltd

Pre-Market Tuesday Asian market positive trading, Nifty50 on the SGX were trading higher at 18226.20+ 72.30 points - Enrich Financial

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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18226.20+ 72.30 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.06%, while the BSE Sensex 30 index added 0.24%.

The biggest gainers of the session on the Nifty 50 were ICICI Bank Ltd, which rose 10.85% or 82.40 points to trade at 841.70 at the close. AXIS Bank Ltd added 3.48% or 28.40 points to end at 845.10 and Oil and Natural Gas Corporation Ltd was up 2.77% or 4.35 points to 161.40 in late trade.

Biggest losers included Bharat Petroleum Corp. Ltd., which lost 3.48% or 15.55 points to trade at 431.70 in late trade. SBI Life Insurance Company Ltd declined 3.21% or 37.50 points to end at 1129.70 and Bajaj Finserv Ltd shed 3.06% or 571.00 points to 18087.15.

The breadth, indicating the overall health of the market, 2209 fell and 977 advanced, while 151 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.12% to 75.080.

 

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Although the Nifty has seen corrections on last few sessions, but has managed to stay above strong support. Technically the upside trend remains intact, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 18250. The upside rally could be testing all the way up to 18400-18550 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the Key support holds near 18050. A slide to 17900-17750 is also a possibility if the price makes or break below the support level.

Technical Chart

 

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