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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15171.50 +4.75 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 added 1.28% to hit a new all-time high, while the BSE Sensex 30 index added 1.22%.

The biggest gainers of the session on the Nifty 50 were Mahindra & Mahindra Ltd., which rose 7.39% or 64.00 points to trade at 929.50 at the close. Tata Motors Ltd added 6.54% or 20.65 points to end at 336.55 and Hindalco Industries Ltd. was up 6.30% or 16.50 points to 278.55 in late trade.

Biggest losers included Britannia Industries Ltd, which lost 1.85% or 65.55 points to trade at 3476.10 in late trade. Hindustan Unilever Ltd. declined 1.43% or 32.55 points to end at 2237.00 and Kotak Mahindra Bank Ltd. shed 1.39% or 27.60 points to 1955.10. The breadth, indicating the overall health of the market, 1652 rose and 1274 declined, while 180 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.21% to 72.963.

Technical outlook

Nifty 4hr chart has formed "Ascending 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 15160(Near new historical high). 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. Key support holds near 15000. A slide to 14850-14700 is also a possibility if the price makes or break below the current support level.

Technical Chart

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