Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 14514.80 +181.80 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14514.80 +181.80 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.45%, while the BSE Sensex 30 index lost 0.42%.
The biggest gainers of the session on the Nifty 50 were NTPC Ltd, which rose 3.94% or 3.90 points to trade at 102.85 at the close. Power Grid Corporation of India Ltd added 3.66% or 7.45 points to end at 210.90 and HDFC Life Insurance Company Ltd was up 1.61% or 10.90 points to 689.95 in late trade.
Biggest losers included Britannia Industries Ltd, which lost 2.67% or 100.20 points to trade at 3651.80 in late trade. Mahindra & Mahindra Ltd. declined 2.53% or 20.20 points to end at 779.50 and GAIL Ltd shed 2.41% or 3.20 points to 129.80.
The breadth, indicating the overall health of the market, 1537 rose and 1275 declined, while 165 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.13% to 75.016.
Technical outlook
Nifty 4hr 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 bearish momentum based on current price action, once the same break below the current key support holding near 14300. The downside rally could be testing all the way up to 14150-14000 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near14450. A slide to 14600-14750 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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