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Pre-Market Tuesday Asian market positive trading, Nifty50 on the SGX were trading higher at 15116.20 +160.85 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15116.20 +160.85 points on indicating gap up opening for the NSE.
Nifty 50 ended up 1.67% and the BSE Sensex 30 ended up 1.74% yesterday, led by a massive rally in bank stocks even though global cues pointed down.
Top five Bank stocks of Nifty played yesterday are as follows, IndusInd Bank Ltd. +7.54%, SBI closed up 6.66%, ICICI Bank Ltd +4.45% & HDFC Bank Ltd & AXIS Bank Ltd ended up +3.4% each. Nifty Bank closed up 4.01% yesterday.
Rupee desk: The USD/INR was up 0.06% to 73.335.
Technical outlook
Nifty daily 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 15000. The upside rally could be testing all the way up to 15150-15300 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 14700. A slide to 14550 is also a possibility if the price makes or break below the current support level.
Technical Chart
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