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Published on 8/06/2020 9:32:11 AM | Source: Enrich Commodities India Pvt Ltd

Nifty weekly chart has formed `Ascending broadening wedge` pattern - Enrich Commodities

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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10228.80 - 75.70 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 1.13% to hit a new 1- month high, while the BSE Sensex 30 index gained 0.90%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 13.65% or 13.45 points to trade at 111.95 at the close. State Bank of India added 8.73% or 15.20 points to end at 189.25 and Bharti Infratel Ltd was up 8.34% or 18.25 points to 237.15 in late trade.

Biggest losers included Tata Consultancy Services Ltd., which lost 1.84% or 38.55 points to trade at 2053.00 in late trade. Hindustan Unilever Ltd. declined 1.58% or 33.55 points to end at 2087.05 and Bajaj Auto Ltd shed 1.36% or 38.25 points to 2779.00.

The breadth, indicating the overall health of the market, 1963 rose and 477 declined, while 117 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.27% to 75.644.

 

Technical outlook

Nifty weekly chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways momentum inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same breaks above a key resistance holding at 10200. The upside rally could be testing up to 10500 levels in the upcoming sessions. Alternatively, if the market opens on gap down based on SGX data, then it might revise the trend to bearish/sideways mode once again. Key support holds at 9700.

 

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