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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15841 -27 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.71%, while the BSE Sensex 30 index added 0.75%.

The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which rose 3.80% or 14.30 points to trade at 390.35 at the close. Oil And Natural Gas Corporation Ltd added 2.36% or 2.80 points to end at 121.25 and State Bank of India was up 1.94% or 8.25 points to 432.65 in late trade.

Biggest losers included HDFC Life Insurance Company Ltd, which lost 1.40% or 9.60 points to trade at 677.90 in late trade. Tech Mahindra Ltd declined 1.35% or 14.75 points to end at 1074.65 and Bharat Petroleum Corp. Ltd. shed 0.66% or 3.05 points to 459.70.

The breadth, indicating the overall health of the market, 2125 rose and 1055 declined, while 154 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.29% to 74.296.

Technical outlook

Nifty daily chart has formed "Rising 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 the current price action, once the same break above a key resistance holding near 15850. 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. Key support holds near 15700. A slide to 15550 - 15400 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

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