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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14548 +60.80 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 rose 1.00%, while the BSE Sensex 30 index added 1.06%.

The biggest gainers of the session on the Nifty 50 were AXIS Bank Ltd, which rose 4.19% or 28.15 points to trade at 699.50 at the close. JSW Steel Ltd added 3.40% or 21.60 points to end at 657.00 and UltraTech Cement Ltd was up 3.33% or 202.10 points to 6270.00 in late trade.

Biggest losers included Cipla Ltd., which lost 2.96% or 27.65 points to trade at 907.95 in late trade. Britannia Industries Ltd declined 2.86% or 104.30 points to end at 3546.00 and HCL Technologies Ltd shed 2.68% or 25.65 points to 930.00. The breadth, indicating the overall health of the market, 1800 rose and 1077 declined, while 207 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.24% to 74.740.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 14550. The upside rally could be testing all the way up to 14700-14850 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. Key support holds

near 14400. A slide to 14250-14100 is also a possibility if the price makes or break below the current support level.

Technical Chart

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