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Pre-Market Tuesday Asian market positive trading, Nifty50 on the SGX were trading higher at 15869.50 +120.65 points - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15869.50 +120.65 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.40%, while the BSE Sensex 30 index gained 0.44%.
The biggest gainers of the session on the Nifty 50 were Adani Ports and Special Economic Zone Ltd, which rose 5.29% or 36.70 points to trade at 731.05 at the close. NTPC Ltd added 3.92% or 4.45 points to end at 118.00 and Titan Company Ltd was up 1.84% or 31.55 points to 1742.85 in late trade.
Biggest losers included UPL Ltd, which lost 4.43% or 35.80 points to trade at 772.20 in late trade. Wipro Ltd declined 1.39% or 7.65 points to end at 542.15 and Hindalco Industries Ltd. shed 1.01% or 3.75 points to 367.60.
The breadth, indicating the overall health of the market, 1950 rose and 1202 declined, while 146 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.02% to 74.112.
Technical outlook
Nifty 4hr chart has formed "Rising channel" 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 15800. 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 15650. A slide to 15500-15350 new levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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