IGI Logo

NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15796.20 - 284.80 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 declined 1.53% to hit a new 6-month low, while the BSE Sensex 30 index lost 1.40%.

The biggest gainers of the session on the Nifty 50 were Dr. Reddy’s Laboratories Ltd, which rose 2.95% or 109.80 points to trade at 3,828.65 at the close. ITC Ltd added 2.78% or 6.10 points to end at 225.50 and Tech Mahindra Ltd was up 1.89% or 26.95 points to 1,453.60 in late trade.

Biggest losers included Titan Company Ltd, which lost 5.18% or 133.25 points to trade at 2,441.00 in late trade. Asian Paints Ltd. declined 4.66% or 133.75 points to end at 2,738.15 and Maruti Suzuki India Ltd. shed 4.58% or 348.25 points to 7,247.30.The breadth, indicating the overall health of the market, 2041 fell and 1211 advanced, while 99 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.37% to 76.17.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower and has closed in red for the last session. Technically, Market volatility will be still prevalent. The market is expected to open on a long gap down formation, to continue on bearish momentum, once the same break below the current support level near 16150. The downside rally could be testing all the way up to 15900-15750 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 as long as the current resistance holds near 16400. A slide to 16550-16700 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633

Above views are of the author and not of the website kindly read disclaimer