Pre-Market Monday Asian market negative trading, Nifty50 on the SGX were trading lower at 15184.80 -37.25 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15184.80 -37.25 points on indicating gap down opening for the NSE
Nifty 50 gained 1.81% and the BSE Sensex 30 1.97% respectively on last session.
Bank sector were the Top five stocks on Nifty last session, State Bank of India, HDFC Bank Ltd, IndusInd Bank Ltd., ICICI Bank Ltd and AXIS Bank Ltd that gained 5.06%, 4.78%, 3.99%, 3.91% and 3.72% respectively.
Rupee desk: The USD/INR was up 0.07% to 72.870.
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 15200. The upside rally could be testing all the way up to 15350-15430 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 14900. A slide to 14750 is also a possibility if the price makes or break below the current support level.
Technical Chart
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