Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 17249 +96.25 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 17249 +96.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 1.18%, while the BSE Sensex 30 index fell 1.31%.
The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 2.12% or 14.80 points to trade at 713.00 at the close. Bharat Petroleum Corp. Ltd. added 1.89% or 7.15 points to end at 386.00 and Indian Oil Corporation Ltd was up 1.28% or 1.55 points to 122.20 in late trade.
Biggest losers included Power Grid Corporation of India Ltd, which lost 3.92% or 8.40 points to trade at 206.10 in late trade. Reliance Industries Ltd declined 3.00% or 74.60 points to end at 2408.25 and Kotak Mahindra Bank Ltd. shed 2.55% or 50.05 points to 1914.20.
The breadth, indicating the overall health of the market, 1760 rose and 1396 declined, while 141 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.19% to 75.113.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded lower for the last session yet again and ended up in red. Also, we expect to see a gap up today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 17150. The downside rally could be testing all the way up to 17000-16850 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 as long as the stiff resistance holds near 17450. A slide to 17600-17750 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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