The Nifty has traded higher and closed in green on the last session We expect to see a small gap down today - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market negative trading, Nifty50 on the SGX were trading lower at 17682.80 -9.15 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 added 1.57% to hit a new 1-month high, while the BSE Sensex 30 index added 1.60%.
The biggest gainers of the session on the Nifty 50 were Coal India Ltd, which rose 6.33% or 9.25 points to trade at 155.30 at the close. Eicher Motors Ltd. added 4.90% or 126.90 points to end at 2718.80 and Bajaj Finance Ltd was up 3.47% or 242.30 points to 7219.60 in late trade.
Biggest losers included Cipla Ltd., which lost 1.44% or 13.60 points to trade at 930.50 in late trade. Dr. Reddy’s Laboratories Ltd declined 1.10% or 53.85 points to end at 4853.15 and Mahindra & Mahindra Ltd. shed 0.88% or 7.35 points to 829.80.
The breadth, indicating the overall health of the market, 2592 rose and 856 declined, while 133 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.19% to 74.326.
Technical outlook
Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded higher and closed in green on the last session. We expect to see a small gap down 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 near 17700. The upside rally could be testing all the way up to 17850-18000 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 crucial support holds near 17500. A slide to 17350-17200 is also a possibility if the price makes or break above the current support level.
Technical Chart
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