Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 16624 +204 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 16624 +204 points on indicating gap up opening for the NSE
At the close in NSE, the Nifty 50 fell 0.71%, while the BSE Sensex 30 index declined 0.54%.
The biggest gainers of the session on the Nifty 50 were Hindustan Unilever Ltd., which rose 5.36% or 133.35 points to trade at 2619.40 at the close. Britannia Industries Ltd added 4.71% or 175.20 points to end at 3895.95 and Asian Paints Ltd. was up 3.71% or 111.40 points to 3112.95 in late trade.
Biggest losers included Tata Steel Ltd, which lost 8.32% or 124.85 points to trade at 1375.60 in late trade. JSW Steel Ltd declined 7.17% or 52.85 points to end at 684.60 and Hindalco Industries Ltd. shed 5.46% or 23.30 points to 403.65.
The breadth, indicating the overall health of the market, 2339 fell and 698 advanced, while 119 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.03% to 74.350.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. Nifty traded in the red last session, and it closed in the red. Technically, 16500 represents a stiff resistance. We expect today to see a gap up. 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 16500. The upside rally could be testing all the way up to 16650 & furthermore 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 16350. A slide to 16200-16050 is also a possibility if the price makes or break below the support level.
Technical Chart
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