Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 15895.50 +15.50 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15895.50 +15.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.44%, while the BSE Sensex 30 index added 0.43%.
The biggest gainers of the session on the Nifty 50 were Tata Steel Ltd, which rose 4.68% or 52.10 points to trade at 1165.25 at the close. AXIS Bank Ltd added 3.00% or 22.20 points to end at 761.35 and State Bank of India was up 2.78% or 11.60 points to 428.80 in late trade.
Biggest losers included Reliance Industries Ltd, which lost 2.28% or 49.05 points to trade at 2104.45 in late trade. Hindustan Unilever Ltd. declined 1.67% or 41.50 points to end at 2448.65 and NTPC Ltd shed 1.65% or 1.95 points to 116.05.
The breadth, indicating the overall health of the market, 1691 rose and 1373 declined, while 126 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.02% to 74.195.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same break above a key resistance holding near 15900. 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. Key support holds near 15750. A slide to 15600- 15450 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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