Pre-Market Monday Asian market negative trading, Nifty50 on the SGX were trading lower at 16495.80 -22.25 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 16495.80 -22.25 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 gained 1.01% to hit a new all-time high, while the BSE Sensex 30 index gained 1.08%.
The biggest gainers of the session on the Nifty 50 were Tata Consumer Products Ltd, which rose 4.29% or 33.20 points to trade at 807.45 at the close. Tata Consultancy Services Ltd. added 3.33% or 111.65 points to end at 3463.40 and Larsen & Toubro Ltd was up 2.77% or 44.95 points to 1668.40 in late trade.
Biggest losers included Eicher Motors Ltd., which lost 2.67% or 69.75 points to trade at 2546.80 in late trade. Dr. Reddy’s Laboratories Ltd declined 1.36% or 64.20 points to end at 4652.20 and Cipla Ltd. shed 1.20% or 10.90 points to 894.40.
The breadth, indicating the overall health of the market, 1601 fell and 1468 advanced, while 112 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.06% to 74.268.
Technical outlook
Nifty 4hr chart has formed "Rising wedge" pattern. The Nifty has broken out a massive breakout and is now closing in the green for Friday the 13th. Further upside is still possible as the crucial support holds. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16540. 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 as long as the key support holds near 16400. A slide to 16250-16100 is also a possibility if the price makes or break below the current support level.
Technical Chart
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