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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15796.80 -48.25 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.20%, while the BSE Sensex 30 index gained 0.26%.

The biggest gainers of the session on the Nifty 50 were ICICI Bank Ltd, which rose 3.16% or 20.70 points to trade at 676.65 at the close. ITC Ltd added 2.61% or 5.40 points to end at 212.40 and Wipro Ltd was up 2.56% or 14.95 points to 599.15 in late trade.

Biggest losers included Tata Motors Ltd, which lost 2.31% or 7.00 points to trade at 295.55 in late trade. Grasim Industries Ltd declined 2.06% or 32.55 points to end at 1549.50 and Larsen & Toubro Ltd shed 1.85% or 30.40 points to 1611.75.

The breadth, indicating the overall health of the market, 1616 fell and 1478 advanced, while 108 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.05% to 74.413.

Technical outlook

Nifty daily chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same break above a key resistance holding near 15900. The upside rally could be testing all the way up to whole 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 15750. A slide to 15600- 15450 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

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