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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17944.20 +82.25 points on indicating gap up opening for the NSE. Rupee desk: The USD/INR was 0.00% to 73.825.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. Nifty has closed in slight red near the target and technically the upside trend remains intact as long as the 17750 level holds. We expect to see a gap up today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current new resistance level holding near 17950. 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 17750. A slide to 17600-17450 is also a possibility if the price makes or break below the support level.

Technical Chart

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