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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17992 +75.30 points on indicating gap up opening for the NSE.

Rupee desk: The USD/INR was up 0.38% to 74.212.

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session but ended up in slight red. Technically, the upside still remains a possibility. 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 18000. The upside rally could be testing all the way up to 18150-18300 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 17800. A slide to 17650-17500 is also a possibility if the price makes or break below the support level.

Technical Chart

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