IGI Logo

NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14788.80 -203.20 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.80% to hit a new 1-month high, while the BSE Sensex 30 index added 0.60%.

The biggest gainers of the session on the Nifty 50 were Coal India Ltd, which rose 7.45% or 10.20 points to trade at 147.05 at the close. UPL Ltd added 7.18% or 45.20 points to end at 674.60 and Hindalco Industries Ltd. was up 6.21% or 24.90 points to 426.00 in late trade.

Biggest losers included Shree Cements Ltd., which lost 1.90% or 530.05 points to trade at 27309.95 in late trade. Britannia Industries Ltd declined 1.37% or 47.45 points to end at 3413.80 and UltraTech Cement Ltd shed 1.22% or 78.80 points to 6403.10.

The breadth, indicating the overall health of the market, 1969 rose and 1005 declined, while 209 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.06% to 73.296.

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 15000. The upside rally could be testing all the way up to 15150-15300 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. Key support holds near 14850. A slide to 14700-14550 is also a possibility if the price makes or break below the current support level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer