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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 15006.20 +34.75 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.95%, while the BSE Sensex 30 index fell 0.87%.

The biggest gainers of the session on the Nifty 50 were Oil and Natural Gas Corporation Ltd, which rose 2.00% or 2.25 points to trade at 114.95 at the close. GAIL Ltd added 1.87% or 2.70 points to end at 147.15 and Maruti Suzuki India Ltd. was up 1.65% or 117.40 points to 7249.00 in late trade.

Biggest losers included IndusInd Bank Ltd., which lost 4.77% or 52.05 points to trade at 1039.90 in late trade. Tata Motors Ltd declined 4.14% or 14.05 points to end at 325.15 and Wipro Ltd shed 4.09% or 17.95 points to 420.85. The breadth, indicating the overall health of the market, 1825 fell and 1052 advanced, while 135 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.42% to 73.037.

Technical outlook

Nifty daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 14850. The downside rally could be testing all the way up to 14700-14550 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 bullish/sideways mode once again. Key resistance holds near 15300.

Technical Chart

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