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NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18342.50 +24.50 points on indicating gap up opening for the NSE. At the close in NSE, the Nifty 50 rose 0.29% to hit a new 1-month high, while the BSE Sensex 30 index climbed 0.14%. The biggest gainers of the session on the Nifty 50 were Hero MotoCorp Ltd, which rose 5.13% or 131.80 points to trade at 2701.50 at the close. Grasim Industries Ltd added 3.31% or 61.40 points to end at 1918.70 and Oil and Natural Gas Corporation Ltd was up 3.23% or 5.20 points to 166.25 in late trade.

Biggest losers included HCL Technologies Ltd, which lost 5.87% or 78.45 points to trade at 1258.75 in late trade. HDFC Bank Ltd declined 1.53% or 23.65 points to end at 1521.50 and Britannia Industries Ltd shed 1.26% or 46.90 points to 3665.15.

The breadth, indicating the overall health of the market, 2213 rose and 1276 declined, while 130 ended unchanged on the India National Stock Exchange

Rupee desk: The USD/INR was down 0.20% to 74.236.

Technical outlook

Nifty 4hr chart has formed "Rounded bottom" pattern. The Nifty has traded a little higher and closed in green on the last session. 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 near 18350. The upside rally could be testing all the way up to 18500-18650 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the crucial support, moved 

near 18150. A slide to 18000-17850 is also a possibility if the price makes or break below the current support level.

Technical Chart

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