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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18421.50 +66.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.97% to hit a new all-time high, while the BSE Sensex 30 index unchanged 0.00%.

The biggest gainers of the session on the Nifty 50 were Adani Ports and Special Economic Zone Ltd, which rose 7.09% or 53.80 points to trade at 812.80 at the close. Wipro Ltd added 5.30% or 35.65 points to end at 708.25 and Grasim Industries Ltd was up 4.50% or 75.45 points to 1752.50 in late trade.

Biggest losers included Coal India Ltd, which lost 3.29% or 6.25 points to trade at 183.80 in late trade. Tata Motors Ltd declined 1.83% or 9.30 points to end at 497.60 and Eicher Motors Ltd. shed 1.81% or 52.55 points to 2853.20.

The breadth, indicating the overall health of the market, 0 fell and 0 advanced on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.07% to 75.030.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. Nifty has closed in green, traded higher reaching a new historical high yet again. 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 18350. 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 18200. A slide to 18050-17900 is also a possibility if the price makes or break below the support level.

Technical Chart

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