IGI Logo

NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15425.80 -58.70 points on indicating gap down opening for the NSE.

Nifty 50 ended up 0.64% closing a new record of 15435 and the BSE Sensex 30 ended up 0.6%. The India VIX (volatility index) also dropped down to 13%.

Major reasons for the rally on the last session were as follows, Reliance Industries Ltd ended up 6%. And the same holds the maximum weightage in the indices.

Other gainers on the same day were Adani Ports and Special Economic Zone Ltd Future and Grasim Industries Ltd that rallies over 3% each. Mahindra & Mahindra Ltd. Gained 2.22%.

Rupee desk: The USD/INR was neutral 0.0% to 72.410.

Technical outlook

Nifty 4hr chart has formed "Rising wedge" pattern. The last session ended up bullish mode along with some corrections creating new historical high. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 15470. The upside rally could be testing all the way up to whole new 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. Key support holds near 15400. A slide to 15250- 15100 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer