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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17265.20 +12.75 points on indicating gap up opening for the NSE.

Rupee desk: The USD/INR was up 0.01% to 74.968.

Technical outlook

Nifty 4hr chart has formed "Descending broadening wedge" pattern. The Nifty has traded sideways and bounced back to close in the green on the last session. We expect 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 current resistance level near 17150. The upside rally could be testing all the way up to 17300-17450 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 16900. A slide to 16700-16500 is also a possibility if the price makes or break below the current support level.

Technical Chart

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