Pre-Market Tuesday Asian market positive trading, Nifty50 on the SGX were trading higher at 15825.20 +115.35 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15825.20 +115.35 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.02%, while the BSE Sensex 30 index declined 0.03%.
The biggest gainers of the session on the Nifty 50 were UltraTech Cement Ltd, which rose 2.81% or 194.20 points to trade at 7093.75 at the close. Grasim Industries Ltd added 2.34% or 35.05 points to end at 1535.20 and Shree Cements Ltd. was up 1.89% or 519.30 points to 28022.05 in late trade.
Biggest losers included Adani Ports and Special Economic Zone Ltd, which lost 1.43% or 10.45 points to trade at 718.05 in late trade. Bharat Petroleum Corp. Ltd. declined 1.29% or 5.90 points to end at 451.00 and Bharti Airtel Ltd. shed 1.24% or 6.65 points to 529.60.
The breadth, indicating the overall health of the market, 1975 rose and 1195 declined, while 151 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.23% to 74.655.
Technical outlook
Nifty 4hr chart has formed "Ascending 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 the current price action, once the same break above a key resistance holding near 15750. The upside rally could be testing all the way up to 15900 & 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. Key support holds near 15600. A slide to 15450-15300 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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