Nifty daily chart has formed `Ascending broadening wedge` pattern - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17998 -19 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 added 1.46%, while the BSE Sensex 30 index added 1.40%.
The biggest gainers of the session on the Nifty 50 were IndusInd Bank Ltd., which rose 7.80% or 88.90 points to trade at 1229.10 at the close. Bharti Airtel Ltd. added 4.21% or 28.85 points to end at 714.20 and Hindalco Industries Ltd. was up 3.99% or 18.35 points to 478.15 in late trade.
Biggest losers included UPL Ltd, which lost 2.72% or 20.15 points to trade at 720.05 in late trade. Mahindra & Mahindra Ltd. declined 1.57% or 13.90 points to end at 870.35 and Bajaj Finserv Ltd shed 1.43% or 255.45 points to 17565.70. The breadth, indicating the overall health of the market, 2028 rose and 1096 declined, while 173 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.01% to 74.926.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher as expected and closed in green for the last session. Technically, the upside remains a possibility. Also, we expect to see a small 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 18000.
The upside rally could be testing all the way up to 18150-18300 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 crucial support holds near 17700. A slide to 17550 is also a possibility if the price makes or break below the support level.
Technical Chart
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