Pre-Market Tuesday Asian market negative trading, Nifty50 on the SGX were trading lower at 17615.20 -99.75 points - Enrich Financial
NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17615.20 -99.75 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.91%, while the BSE Sensex 30 index climbed 0.91%.
The biggest gainers of the session on the Nifty 50 were Divis Laboratories Ltd., which rose 8.04% or 388.40 points to trade at 5220.70 at the close. Hindalco Industries Ltd. added 4.41% or 21.35 points to end at 505.70 and NTPC Ltd was up 4.04% or 5.65 points to 145.55 in late trade.
Biggest losers included Cipla Ltd., which lost 2.91% or 28.70 points to trade at 957.50 in late trade. Grasim Industries Ltd declined 2.15% or 36.00 points to end at 1641.15 and UPL Ltd shed 1.36% or 9.70 points to 702.95.
The breadth, indicating the overall health of the market, 2207 rose and 964 declined, while 175 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.27% to 74.328.
Technical outlook
Nifty 4hr chart has formed "Ascending broadening wedge" pattern. Nifty has closed in green once again, after retesting near the channel support line. Technically the upside trend remains intact, we expect to see a gap down today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current resistance level holding near 17750. The upside rally could be testing all the way up to 17900 & 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 17600. A slide to 17450-17300 is also a possibility if the price makes or break below the support level.
Technical Chart
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