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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 18133 -44.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.85%, while the BSE Sensex 30 index gained 0.80%.

The biggest gainers of the session on the Nifty 50 were Titan Company Ltd, which rose 4.32% or 105.00 points to trade at 2536.75 at the close. Indian Oil Corporation Ltd added 4.31% or 5.80 points to end at 140.45 and Bajaj Finserv Ltd was up 4.12% or 725.75 points to 18319.75 in late trade.

Biggest losers included IndusInd Bank Ltd., which lost 10.76% or 127.95 points to trade at 1061.15 in late trade. Divis Laboratories Ltd. declined 5.98% or 311.35 points to end at 4896.70 and Mahindra & Mahindra Ltd. shed 1.37% or 12.00 points to 860.85.

The breadth, indicating the overall health of the market, 1746 rose and 1522 declined, while 186 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.19% to 74.032.

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session and ended up in slight green. Technically, the upside still remains a possibility. Also, 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 18100. The upside rally could be testing all the way up to 18250-18400 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 crucial support holds near 17950. A slide to 17800-17650 is also a possibility if the price makes or break below the support level.

Technical Chart

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