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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17864 -67 points on indicating gap down opening for the NSE.

Rupee desk: The USD/INR was up 0.13% to 75.480.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. Nifty has closed in green, traded higher breaking 18000 mark, creating new historical high. 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 stiff resistance level holding near 18050. 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 as long as the Key support holds near 17850. A slide to 17700-17550 is also a possibility if the price makes or break below the support level.

Technical Chart

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