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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17358.80 -12.25 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.09%, while the BSE Sensex 30 index gained 0.09%.

The biggest gainers of the session on the Nifty 50 were Nestle India Ltd, which rose 3.11% or 617.60 points to trade at 20457.20 at the close. Bharti Airtel Ltd. added 2.74% or 18.30 points to end at 686.15 and Oil and Natural Gas Corporation Ltd was up 2.69% or 3.20 points to 122.15 in late trade.

Biggest losers included SBI Life Insurance Company Ltd, which lost 3.84% or 46.85 points to trade at 1173.20 in late trade. Titan Company Ltd declined 1.05% or 21.65 points to end at 2034.30 and HDFC Life Insurance Company Ltd shed 0.85% or 6.30 points to 737.35.

The breadth, indicating the overall health of the market, 1755 rose and 1281 declined, while 145 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.32% to 73.530.

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. While the Nifty has managed to stay above the critical support levels, it still appears good as long as that holds. We expect today to see a small gap down today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 17430. 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 17250. A slide to 17100-16950 is also a possibility if the price makes or break below the support level.

Technical Chart

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