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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17417.50 +9.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.31% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.29%.

The biggest gainers of the session on the Nifty 50 were Wipro Ltd, which rose 4.79% or 31.35 points to trade at 686.45 at the close. HCL Technologies Ltd added 2.16% or 25.40 points to end at 1200.15 and Infosys Ltd was up 1.75% or 29.75 points to 1730.40 in late trade.

Biggest losers included Indian Oil Corporation Ltd, which lost 1.33% or 1.50 points to trade at 111.60 in late trade. Oil And Natural Gas Corporation Ltd declined 1.18% or 1.45 points to end at 121.65 and IndusInd Bank Ltd. shed 1.18% or 11.80 points to 991.95.

The breadth, indicating the overall health of the market, 1590 rose and 1556 declined, while 164 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.15% to 73.091.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has given a strong performance and ended in green, resulting in the formation of an indecisive bar. We expect today to see a small gap up today. 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 17430. 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 17250. A slide to 17100-16950 is also a possibility if the price makes or break below the support level.

Technical Chart

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