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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16823.50 +109.20 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.41% to hit a new all-time high, while the BSE Sensex 30 index added 0.31%.

The biggest gainers of the session on the Nifty 50 were UltraTech Cement Ltd, which rose 3.54% or 258.50 points to trade at 7565.60 at the close. Hindalco Industries Ltd. added 3.25% or 13.80 points to end at 437.90 and SBI Life Insurance Company Ltd was up 2.80% or 32.25 points to 1184.05 in late trade.

Biggest losers included IndusInd Bank Ltd., which lost 1.13% or 11.30 points to trade at 990.20 in late trade. Infosys Ltd declined 1.09% or 18.90 points to end at 1708.80 and Mahindra & Mahindra Ltd. shed 0.77% or 6.00 points to 775.40.

The breadth, indicating the overall health of the market, 1811 rose and 1232 declined, while 124 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.65% to 73.668.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. Nifty traded sideways in the last few sessions, and closed in green. Technically, 16720 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 16720. 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 as long as the key support holds near 16550. A slide to 16400-16250 is also a possibility if the price makes or break below the support level.

Technical Chart

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