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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15877.20 -33 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.77%, while the BSE Sensex 30 index added 0.69%.

The biggest gainers of the session on the Nifty 50 were Shree Cements Ltd., which rose 3.52% or 994.35 points to trade at 29260.10 at the close. Titan Company Ltd added 3.32% or 57.00 points to end at 1771.55 and Eicher Motors Ltd. was up 2.86% or 72.35 points to 2602.60 in late trade.

Biggest losers included UPL Ltd, which lost 2.16% or 17.50 points to trade at 791.05 in late trade. Tata Steel Ltd declined 1.69% or 24.25 points to end at 1410.05 and Bajaj Finserv Ltd shed 0.68% or 97.05 points to 14125.15.

The breadth, indicating the overall health of the market, 2078 rose and 1108 declined, while 149 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.01% to 74.346.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode with some corrections 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 15800. The downside rally could be testing all the way up to 15700-15600 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 15900. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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