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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17571.50 +45.75 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 fell 0.49%, while the BSE Sensex 30 index fell 0.61%. The biggest gainers of the session on the Nifty 50 were Mahindra & Mahindra Ltd., which rose 3.09% or 24.80 points to trade at 827.85 at the close. Coal India Ltd added 1.94% or 3.60 points to end at 188.70 and Indian Oil Corporation Ltd was up 1.68% or 2.10 points to 127.40 in late trade. Biggest losers included Bajaj Finserv Ltd, which lost 3.42% or 608.95 points to trade at 17177.80 in late trade. Maruti Suzuki India Ltd. declined 2.40% or 175.75 points to end at 7162.30 and Asian Paints Ltd. shed 2.06% or 66.80 points to 3177.85. The breadth, indicating the overall health of the market, 1730 rose and 1340 declined, while 164 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.05% to 74.128.

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. Nifty has closed in green, after retesting near the channel support line. Technically the upside trend remains intact, we expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current resistance level holding near 17600. The upside rally could be testing all the way up to 17750-17900 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 17450. A slide to 17300-17150 is also a possibility if the price makes or break below the support level.

Technical Chart

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