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NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX

were trading lower at 15096.80 - 106.25 points on indicating gap down opening for the NSE.

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

The biggest gainers of the session on the Nifty 50 were Bharat Petroleum Corp. Ltd., which rose 3.05% or 13.60 points to trade at 459.10 at the close. Indian Oil Corporation Ltd added 2.58% or 2.55 points to end at 101.40 and Power Grid Corporation of India Ltd was up 2.25% or 4.85 points to 220.00 in late trade. Biggest losers included Bajaj Auto Ltd, which lost 3.01% or 116.55 points to trade at 3751.00 in late trade.

Adani Port and Special Economic Zone Ltd declined 2.97% or 22.10 points to end at 723.25 and HDFC Life Insurance Company Ltd shed 2.67% or 19.55 points to 711.80.

The breadth, indicating the overall health of the market, 1585 fell and 1317 advanced, while 159 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.00% to 72.689.

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 14950. The downside rally could be testing all the way up to 14800-14650 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 15400.

Technical Chart

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