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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15901.20 +83.20 points on indicating gap up opening for the NSE.

The Nifty 50 and the BSE Sensex 30 traded range-bound yesterday, closing 0.2% and 0.23% lower.

Among the major gainers after yesterday’s numbers were Bajaj Finserv Ltd, which gained 2,38%, and Hindalco Industries Ltd. and Divis Laboratories Ltd. both gained more than 1.8%.

Among the other losses yesterday, JSW Steel Inc. fell 1.8%, while Reliance Industries Ltd. and Wipro Ltd. each fell over 1.5%. State Bank of India fell 1.41%.

Rupee desk: The USD/INR was down 0.01% to 74.320.

Technical outlook

Nifty daily chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode 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 15900. 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. Key support holds near 15750. A slide to 15600- 15450 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

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