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Published on 22/09/2020 9:11:25 AM | Source: Enrich Commodities India Pvt Ltd

The biggest gainers of the session on the Nifty 50 - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11289 +62.90 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 fell 2.21% to hit a new 1-month low, while the BSE Sensex 30 index lost 2.09%.

The biggest gainers of the session on the Nifty 50 were Tata Consultancy Services Ltd., which rose 0.70% or 17.10 points to trade at 2467.00 at the close. Infosys Ltd added 0.48% or 4.85 points to end at 1007.00 and Kotak Mahindra Bank Ltd. was up 0.37% or 4.75 points to 1281.85 in late trade.

Biggest losers included IndusInd Bank Ltd., which lost 8.52% or 52.25 points to trade at 560.95 in late trade. Tata Motors Ltd declined 7.84% or 11.60 points to end at 136.30 and Hindalco Industries Ltd. shed 7.24% or 13.00 points to 166.50.

The breadth, indicating the overall health of the market, 2088 fell and 567 advanced, while 159 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.02% to 73.552.

 

Technical outlook

Nifty fut 2hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up bearish 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 11180. The downside rally could be testing all the way up to 11030-10880 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 11330. A slide to 11480- 11630 is also a possibility if the price makes or break above the current resistance level.

 

Technical Chart

 

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