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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14591 -302 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.26%, while the BSE Sensex 30 index fell 0.31%.

The biggest gainers of the session on the Nifty 50 were Cipla Ltd., which rose 5.34% or 44.95 points to trade at 886.95 at the close. Sun Pharmaceutical Industries Ltd. added 3.54% or 21.75 points to end at 636.00 and Hindustan Unilever Ltd. was up 2.55% or 61.45 points to 2471.35 in late trade.

Biggest losers included Bajaj Finance Ltd, which lost 3.01% or 151.50 points to trade at 4878.00 in late trade. UPL Ltd declined 2.40% or 15.65 points to end at 635.95 and Tata Steel Ltd shed 2.16% or 19.85 points to 898.55.

The breadth, indicating the overall health of the market, 1595 rose and 1206 declined, while 155 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.17% to 74.702.

Technical outlook

Nifty 4hr chart has formed "Falling channel" 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 14800. The downside rally could be testing all the way up to 14650-14500 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 near 14950. A slide to 15100-15250 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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