Published on 20/09/2021 10:07:47 AM
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. Last session, the Nifty traded higher, created a new historical high yet again and has closed in the red. Although upside still remains possible, we expect to see a gap down 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 17720. The upside rally could be testing all the way up to whole new 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 17450. A slide to 17300-17150 is also a possibility if the price makes or break below the support level.
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Published on 20/09/2021 10:07:27 AM
NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17444.80 -160.25 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 declined 0.25%, while the BSE Sensex 30 index declined 0.21%. The biggest gainers of the session on the Nifty 50 were Kotak Mahindra Bank Ltd., which rose 5.30% or 101.15 points to trade at 2007.95 at the close. HDFC Bank Ltd added 1.42% or 22.20 points to end at 1582.15 and Eicher Motors Ltd. was up 1.34% or 38.35 points to 2898.55 in late trade. Biggest losers included Tata Steel Ltd, which lost 3.54% or 50.85 points to trade at 1385.90 in late trade. Coal India Ltd declined 3.45% or 5.60 points to end at 156.70 and Hindalco Industries Ltd. shed 2.12% or 10.25 points to 473.05. The breadth, indicating the overall health of the market, 1982 fell and 1141 advanced, while 129 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.07% to 73.516.
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