Pre-Market Tuesday Asian market positive trading, Nifty50 on the SGX were trading higher at 18192.50 +32.25 points - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18192.50 +32.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.04%, while the BSE Sensex 30 index added 0.05%.
The biggest gainers of the session on the Nifty 50 were Power Grid Corporation of India Ltd, which rose 3.46% or 6.30 points to trade at 188.30 at the close. Cipla Ltd. added 2.42% or 22.20 points to end at 938.15 and ITC Ltd was up 2.23% or 5.20 points to 238.10 in late trade.
Biggest losers included Coal India Ltd, which lost 4.31% or 7.20 points to trade at 159.75 in late trade. Tata Steel Ltd declined 3.25% or 41.80 points to end at 1245.45 and Hindalco Industries Ltd. shed 2.70% or 12.65 points to 455.90.
The breadth, indicating the overall health of the market, 2075 fell and 1245 advanced, while 153 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.09% to 74.408.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session and ended up in slight red. Also, 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 key resistance level holding near 18150. The upside rally could be testing all the way up to 18300-18450 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 17850. A slide to 17700 is also a possibility if the price makes or break below the support level.
Technical Chart
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