Pre-Market Monday Asian market negative trading, Nifty50 on the SGX were trading lower at 15625.50 - 127.50 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 15625.50 - 127.50 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.05%, while the BSE Sensex 30 index climbed 0.04%.
The biggest gainers of the session on the Nifty 50 were Adani Ports and Special Economic Zone Ltd, which rose 7.33% or 47.45 points to trade at 694.35 at the close. Bajaj Auto Ltd added 2.79% or 113.20 points to end at 4167.10 and Hindustan Unilever Ltd. was up 2.70% or 65.20 points to 2482.90 in late trade.
Biggest losers included Oil and Natural Gas Corporation Ltd, which lost 3.88% or 4.85 points to trade at 120.25 in late trade. Coal India Ltd declined 3.78% or 5.75 points to end at 146.40 and JSW Steel Ltd shed 3.70% or 25.75 points to 670.60.
The breadth, indicating the overall health of the market, 1945 fell and 1120 advanced, while 128 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.37% to 73.891.
Technical outlook
Nifty daily chart has formed "Rising channel" pattern. The last session ended up sideways mode creating a Hammer candle, along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the Hammers Bullish reversal action, once the same break above a key resistance holding near 15770. The upside rally could be testing all the way up to 15900 & furthermore new 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 15630. A slide to 15500-15350 new levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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