Pre-Market Monday Asian market positive trading, Nifty50 on the SGX were trading higher at 18215.80 +31.75 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 18215.80 +31.75 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 1.28%, while the BSE Sensex 30 index climbed 1.28%.
The biggest gainers of the session on the Nifty 50 were Tech Mahindra Ltd, which rose 4.14% or 63.05 points to trade at 1585.00 at the close. Hindalco Industries Ltd. added 3.22% or 14.60 points to end at 468.55 and Housing Development Finance Corporation Ltd was up 2.88% or 83.80 points to 2992.65 in late trade.
Biggest losers included Bajaj Auto Ltd, which lost 3.06% or 114.90 points to trade at 3635.05 in late trade. Tata Steel Ltd declined 0.95% or 12.35 points to end at 1287.25 and Hero MotoCorp Ltd shed 0.59% or 15.90 points to 2685.00.
The breadth, indicating the overall health of the market, 1625 fell and 1589 advanced, while 147 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.23% to 74.464.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session and ended up in green. 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 key resistance level holding near 18150. The upside rally could be testing all the way up to 18300-18450 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 17850. A slide to 17700 is also a possibility if the price makes or break below the support level.
Technical Chart
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