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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15796.50 +75.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.24%, while the BSE Sensex 30 index declined 0.35%.

The biggest gainers of the session on the Nifty 50 were Bajaj Finserv Ltd, which rose 4.22% or 520.85 points to trade at 12854.75 at the close. Tata Steel Ltd added 4.17% or 49.60 points to end at 1239.35 and Adani Ports and Special Economic Zone Ltd was up 2.36% or 16.80 points to 728.50 in late trade.

Biggest losers included Bajaj Auto Ltd, which lost 2.00% or 81.40 points to trade at 3995.90 in late trade. Tata Consultancy Services Ltd. declined 1.55% or 50.35 points to end at 3208.15 and HDFC Bank Ltd shed 1.21% or 18.45 points to 1502.00.

The breadth, indicating the overall health of the market, 1816 rose and 1231 declined, while 147 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.26% to 74.534.

Technical outlook

Nifty daily chart has formed "Ascending 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 the current price action, once the same break below a key support holding near 15600. The downside rally could be testing all the way up to 15450-15300 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 15750. A slide to 15900 & furthermore levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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