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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14861 -51 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 gained 1.60%, while the BSE Sensex 30 index climbed 1.53%.

The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 6.04% or 12.95 points to trade at 227.25 at the close. Grasim Industries Ltd added 5.76% or 69.20 points to end at 1270.00 and Oil and Natural Gas Corporation Ltd was up 5.45% or 6.05 points to 117.05 in late trade

Biggest losers included Bharti Airtel Ltd., which lost 4.33% or 24.10 points to trade at 532.20 in late trade. Bajaj Finance Ltd added 0.04% or 1.90 p

The breadth, indicating the overall health of the market, 1883 rose and 1072 declined, while 193 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.59% to 73.487.

Technical outlook

Nifty daily chart has formed "Rising channel" 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 14800. The upside rally could be testing all the way up to 14950-15100 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 14650. A slide to 14500-14350 is also a possibility if the price makes or break below the current support level.

Technical Chart

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