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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18240 +95.45 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.35%, while the BSE Sensex 30 index fell 0.17%.

The biggest gainers of the session on the Nifty 50 were Housing Development Finance Corporation Ltd, which rose 2.10% or 59.85 points to trade at 2903.95 at the close. Bajaj Auto Ltd added 1.71% or 65.00 points to end at 3869.00 and Oil and Natural Gas Corporation Ltd was up 1.32% or 2.05 points to 157.05 in late trade.

Biggest losers included Hindalco Industries Ltd., which lost 4.72% or 23.30 points to trade at 470.45 in late trade. Coal India Ltd declined 3.56% or 6.50 points to end at 175.90 and Tata Motors Ltd shed 3.37% or 17.10 points to 490.90.

The breadth, indicating the overall health of the market, 1881 fell and 1239 advanced, while 134 ended unchanged on the India National Stock Exchange

Rupee desk: The USD/INR was down 0.01% to 74.862.

Technical outlook

Nifty 4hr chart has formed "Rising wedge" pattern. Although the Nifty has seen corrections but has managed to stay above strong support. Technically the upside trend remains intact, 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 18200. The upside rally could be testing all the way up to 18350-18500 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 18050. A slide to 17900-17750 is also a possibility if the price makes or break below the support level.

Technical Chart

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