Pre-Market Tuesday Asian market negative trading, Nifty50 on the SGX were trading lower at 15725.50 -35.80 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15725.50 -35.80 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 lost 1.07%, while the BSE Sensex 30 index fell 1.10%.
The biggest gainers of the session on the Nifty 50 were NTPC Ltd, which rose 1.93% or 2.30 points to trade at 121.40 at the close. Bharat Petroleum Corp. Ltd. added 1.32% or 5.90 points to end at 453.90 and Divis Laboratories Ltd. was up 1.05% or 49.85 points to 4807.45 in late trade.
Biggest losers included HDFC Bank Ltd, which lost 3.37% or 51.35 points to trade at 1471.00 in late trade. HDFC Life Insurance Company Ltd declined 2.77% or 19.30 points to end at 678.70 and IndusInd Bank Ltd. shed 2.72% or 28.45 points to 1015.85.
The breadth, indicating the overall health of the market, 1680 rose and 1497 declined, while 149 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.51% to 74.989.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The last session ended up sideways mode with some corrections, on a gap down formation inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below a key support holding near 15700. The downside rally could be testing all the way up to 15550-15400 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 15850. A slide to 15950 & furthermore new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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