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Published on 30/06/2020 8:43:56 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 10550 levels in the upcoming sessions - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10316.50 +54.55 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.68%, while the BSE Sensex 30 index declined 0.60%.

The biggest gainers of the session on the Nifty 50 were Britannia Industries Ltd, which rose 2.13% or 73.60 points to trade at 3530.00 at the close. HDFC Bank Ltd added 1.80% or 19.05 points to end at 1075.50 and Cipla Ltd. was up 1.43% or 9.05 points to 643.95 in late trade.

Biggest losers included Coal India Ltd, which lost 4.96% or 7.05 points to trade at 135.05 in late trade. AXIS Bank Ltd declined 4.70% or 19.95 points to end at 404.90 and Tech Mahindra Ltd shed 3.18% or 17.85 points to 543.00.

The breadth, indicating the overall health of the market, 1542 fell and 1071 advanced, while 127 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.14% to 75.503.

 

Technical outlook

Nifty fut Hourly chart has formed "Ascending broadening wedge" pattern. The last session ended up retesting near the channel’s support line. The market is expected to continue on bullish momentum based on current price action, once the same breaks above a key resistance holding near 10350. The upside rally could be testing all the way up to 10550 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds near 10220.

 

Technical Chart

 

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