Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 17782 +66.70 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 17782 +66.70 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 1.04%, while the BSE Sensex 30 index lost 1.13%.
The biggest gainers of the session on the Nifty 50 were UltraTech Cement Ltd, which rose 2.54% or 189.40 points to trade at 7636.05 at the close. Cipla Ltd. added 2.05% or 18.25 points to end at 910.00 and Dr. Reddy’s Laboratories Ltd was up 1.95% or 89.25 points to 4659.20 in late trade.
Biggest losers included Tech Mahindra Ltd, which lost 3.62% or 55.45 points to trade at 1477.85 in late trade. NTPC Ltd declined 3.42% or 4.70 points to end at 132.65 and Kotak Mahindra Bank Ltd. shed 3.21% or 67.35 points to 2031.15.
The breadth, indicating the overall health of the market, 1719 fell and 1355 advanced, while 142 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.15% to 74.896.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has unfolded weak as expected and closed in red for the last session. Technically, the low we met is a good one to work with and so the upside is a possibility from here. Also, we expect to see a gap up today. 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 17850. The upside rally could be testing all the way up to 18000-18150 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 crucial support holds near 17600. A slide to 17450- 17300 is also a possibility if the price makes or break below the support level.
Technical Chart
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