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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16556.20 +5.20 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.21% to hit a new alltime high, while the BSE Sensex 30 index gained 0.26%.

The biggest gainers of the session on the Nifty 50 were Tata Steel Ltd, which rose 3.95% or 57.75 points to trade at 1519.40 at the close. Bajaj Finance Ltd added 3.58% or 220.60 points to end at 6377.15 and Mahindra & Mahindra Ltd. was up 2.65% or 20.65 points to 799.30 in late trade.

Biggest losers included Maruti Suzuki India Ltd., which lost 2.50% or 175.35 points to trade at 6826.85 in late trade. Shree Cements Ltd. declined 2.26% or 600.40 points to end at 26000.00 and Bajaj Auto Ltd shed 2.02% or 77.30 points to 3748.45.

The breadth, indicating the overall health of the market, 2057 fell and 1081 advanced, while 119 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.10% to 74.165.

Technical outlook

Nifty 4hr chart has formed "Rising wedge" pattern. The Nifty has broken out the high once again and has closed in the green on yesterday’s session. Further upside is still possible as the crucial support holds. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current logical resistance level holding near 16590. 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 as long as the key support holds near 16400. A slide to 16250-16100 is also a possibility if the price makes or break below the current support level.

Technical Chart

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