The market is expected to continue on short covering based on the current price action, once the same break above the stiff resistance level near 18300 - Enrich Financial
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/01/c5b45cbd15e3eaf4d34092e8e488827c.jpg)
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 18203 -33 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 fell 0.01%, while the BSE Sensex 30 index lost 0.02%. The biggest gainers of the session on the Nifty 50 were Tata Consumer Products Ltd, which rose 4.42% or 32.30 points to trade at 762.50 at the close. Tata Consultancy Services Ltd. added 1.80% or 70.25 points to end at 3968.15 and Indian Oil Corporation Ltd was up 1.77% or 2.15 points to 123.30 in late trade. Biggest losers included Asian Paints Ltd., which lost 2.66% or 91.85 points to trade at 3364.40 in late trade. AXIS Bank Ltd declined 2.57% or 19.00 points to end at 721.70 and Hindustan Unilever Ltd. shed 2.09% or 50.50 points to 2363.70. The breadth, indicating the overall health of the market, 1989 rose and 1300 declined, while 95 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.19% to 74.111.
Technical outlook
Nifty 4hr chart has formed "Rounded bottom" pattern. The Nifty has traded sideways and yet closed green on the last session. We expect to see a small gap down today. The market is expected to continue on short covering based on the current price action, once the same break above the stiff resistance level near 18300. The upside rally could be testing all the way up to 18450-18600 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 bearish/sideways mode once again as long as the crucial support, moved near 18150. A slide to 18000-17850 is also a possibility if the price makes or break below the current support level.
Technical Chart
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