Pre-Market Tuesday Asian market positive trading, Nifty50 on the SGX were trading higher at 18568.50 +80.60 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 18568.50 +80.60 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 0.76% to hit a new all-time high, while the BSE Sensex 30 index climbed 0.75%.
The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which rose 5.24% or 27.05 points to trade at 543.15 at the close. Infosys Ltd added 4.45% or 76.40 points to end at 1792.15 and Tech Mahindra Ltd was up 3.41% or 48.85 points to 1479.65 in late trade.
Biggest losers included HCL Technologies Ltd, which lost 2.38% or 29.75 points to trade at 1221.40 in late trade. Mahindra & Mahindra Ltd. declined 2.20% or 20.45 points to end at 910.95 and Asian Paints Ltd. shed 1.71% or 56.30 points to 3241.50.
The breadth, indicating the overall health of the market, 1702 rose and 1562 declined, while 154 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.44% to 75.345.
Technical outlook
Nifty daily chart has formed "Rising wedge" pattern. Nifty has closed in green, traded higher reaching a new historical high yet again. Technically the upside trend remains intact, 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 stiff resistance level holding near 18550. 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 18350. A slide to 18200-18050 is also a possibility if the price makes or break below the support level.
Technical Chart
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