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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14745 +27.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.13%, while the BSE Sensex 30 index climbed 0.09%.

The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 8.54% or 218.30 points to trade at 2774.50 at the close. UPL Ltd added 7.47% or 51.65 points to end at 743.30 and ITC Ltd was up 4.43% or 9.00 points to 212.25 in late trade.

Biggest losers included GAIL Ltd, which lost 5.18% or 8.35 points to trade at 152.70 in late trade. Coal India Ltd declined 4.36% or 6.70 points to end at 146.80 and Tata Motors Ltd shed 4.22% or 13.75 points to 312.25.

The breadth, indicating the overall health of the market, 1615 fell and 1347 advanced, while 133 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.24% to 73.291.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 14600. The downside rally could be testing all the way up to 14450-14300 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 14900. A slide to 15050 is also a possibility if the price makes or break above the current resistance level.

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