Pre-Market Tuesday Asian market negative trading, Nifty50 on the SGX were trading lower at 16247.80 -16.25 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 16247.80 -16.25 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 added 0.12%, while the BSE Sensex 30 index added 0.23%.
The biggest gainers of the session on the Nifty 50 were Mahindra & Mahindra Ltd., which rose 2.20% or 16.70 points to trade at 774.95 at the close. AXIS Bank Ltd added 1.98% or 14.65 points to end at 755.50 and Tech Mahindra Ltd was up 1.81% or 22.85 points to 1287.45 in late trade.
Biggest losers included Tata Consumer Products Ltd, which lost 2.11% or 16.50 points to trade at 764.85 in late trade. Coal India Ltd declined 1.95% or 2.85 points to end at 143.25 and Hindalco Industries Ltd. shed 1.68% or 7.45 points to 434.70.
The breadth, indicating the overall health of the market, 1969 fell and 1205 advanced, while 133 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.07% to 74.292.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. As the Nifty traded sideways, it managed to stay above our crucial support level, and closed slightly in the red, but upside remains possible. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16350. The upside rally could be testing all the way up to 16450 & furthermore 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 16200. A slide to 16050-15950 is also a possibility if the price makes or break below the current support level.
Technical Chart
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