The upside rally could be testing all the way up to 14950-15100 levels - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14821 +65 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.05%, while the BSE Sensex 30 index declined 0.17%.
The biggest gainers of the session on the Nifty 50 were Adani Port and Special Economic Zone Ltd, which rose 5.20% or 35.70 points to trade at 721.95 at the close. Tech Mahindra Ltd added 2.57% or 25.45 points to end at 1014.90 and Tata Consultancy Services Ltd. was up 2.55% or 77.80 points to 3128.00 in late trade.
Biggest losers included IndusInd Bank Ltd., which lost 4.20% or 42.55 points to trade at 969.35 in late trade. Power Grid Corporation of India Ltd declined 3.30% or 7.60 points to end at 222.60 and ICICI Bank Ltd shed 2.21% or 12.95 points to 573.70.
The breadth, indicating the overall health of the market, 1549 rose and 1386 declined, while 212 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.05% to 72.365.
Technical outlook
Nifty 2hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 14800. The upside rally could be testing all the way up to 14950-15100 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. Key support holds near 14500. A slide to 14350 is also a possibility if the price makes or break below the current support level.
Technical Chart
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