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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 16589 +95.65 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.28%, while the BSE Sensex 30 index added 0.41%.

The biggest gainers of the session on the Nifty 50 were HCL Technologies Ltd, which rose 4.09% or 45.75 points to trade at 1163.10 at the close. Nestle India Ltd added 2.30% or 449.80 points to end at 20021.05 and Tata Consultancy Services Ltd. was up 2.19% or 77.90 points to 3637.40 in late trade.

Biggest losers included Grasim Industries Ltd, which lost 2.96% or 44.00 points to trade at 1440.65 in late trade. Adani Ports and Special Economic Zone Ltd declined 2.75% or 18.90 points to end at 668.30 and Mahindra & Mahindra Ltd. shed 2.63% or 20.70 points to 764.95.

The breadth, indicating the overall health of the market, 2398 fell and 698 advanced, while 132 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.21% to 74.189.

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. Nifty traded in the red last few sessions, and it closed in the red. Technically, 16600 represents a stiff resistance. We expect today to see a gap up. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level holding near 16600. The upside rally could be testing all the way up to 16700 & 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 as long as the key support holds near 16450. A slide to 16300-16150 is also a possibility if the price makes or break below the support level.

Technical Chart

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