Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 18008.20 +159.45 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 18008.20 +159.45 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 0.17% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.27%.
The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 3.85% or 127.95 points to trade at 3448.60 at the close. Mahindra & Mahindra Ltd. added 2.77% or 21.00 points to end at 779.45 and Eicher Motors Ltd. was up 2.59% or 73.95 points to 2931.00 in late trade.
Biggest losers included Tata Steel Ltd, which lost 3.53% or 46.60 points to trade at 1272.10 in late trade. JSW Steel Ltd declined 2.67% or 18.10 points to end at 659.15 and State Bank of India shed 2.01% or 9.05 points to 440.75.
The breadth, indicating the overall health of the market, 1877 fell and 1220 advanced, while 137 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.03% to 73.777.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. Nifty has closed in the green near the target and technically the trend remains intact as long as the 17750 level holds. 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 current new resistance level holding near 17950. 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 17750. A slide to 17600-17450 is also a possibility if the price makes or break below the support level.
Technical Chart
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