Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 17845.20 +11.30 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 17845.20 +11.30 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 lost 0.75%, while the BSE Sensex 30 index declined 0.62%.
The biggest gainers of the session on the Nifty 50 were State Bank of India, which rose 1.13% or 5.65 points to trade at 503.80 at the close. Indian Oil Corporation Ltd added 0.70% or 0.90 points to end at 129.35 and HDFC Bank Ltd was up 0.56% or 8.60 points to 1539.40 in late trade.
Biggest losers included Tata Motors Ltd, which lost 3.86% or 20.45 points to trade at 509.70 in late trade. Mahindra & Mahindra Ltd. declined 3.50% or 33.45 points to end at 921.00 and Tech Mahindra Ltd shed 3.13% or 50.70 points to 1567.75.
The breadth, indicating the overall health of the market, 2211 fell and 1020 advanced, while 129 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.09% to 74.304.
Technical outlook
Nifty daily chart has formed "Ascending 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 small 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 17700. The downside rally could be testing all the way up to 17550-17400 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 17900. A slide to 18050-18200 is also a possibility if the price makes or break above the resistance level.
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