Pre-Market Monday Asian market negative trading, Nifty50 on the SGX were trading lower at 15718.80 -220 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15718.80 -220 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.01%, while the BSE Sensex 30 index declined 0.04%
The biggest gainers of the session on the Nifty 50 were Divis Laboratories Ltd., which rose 3.26% or 150.30 points to trade at 4757.60 at the close. Bharti Airtel Ltd. added 2.99% or 15.70 points to end at 541.15 and UltraTech Cement Ltd was up 1.82% or 130.50 points to 7320.15 in late trade.
Biggest losers included HCL Technologies Ltd, which lost 3.34% or 34.75 points to trade at 1005.00 in late trade. Eicher Motors Ltd. declined 1.88% or 50.25 points to end at 2617.25 and Bajaj Finserv Ltd shed 1.65% or 213.25 points to 12745.70.
The breadth, indicating the overall health of the market, 1699 rose and 1352 declined, while 135 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.06% to 74.584.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The last session ended up bullish mode along with some corrections, creating a new historical high once again inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below a key support holding near 15880. The downside rally could be testing all the way up to 15750-15600 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.Key resistance holds near 15950(Near new historical high). A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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