The market is expected to continue on bullish momentum based on the current price action - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17674.50 +63.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.03%, while the BSE Sensex 30 index declined 0.03%.
The biggest gainers of the session on the Nifty 50 were Asian Paints Ltd., which rose 3.29% or 104.45 points to trade at 3283.15 at the close. Grasim Industries Ltd added 1.54% or 26.45 points to end at 1749.20 and State Bank of India was up 1.24% or 6.05 points to 494.70 in late trade.
Biggest losers included Divis Laboratories Ltd., which lost 1.54% or 70.50 points to trade at 4506.45 in late trade. Titan Company Ltd declined 1.42% or 33.80 points to end at 2339.35 and Housing Development Finance Corporation Ltd shed 1.17% or 33.30 points to 2808.75.
The breadth, indicating the overall health of the market, 2046 rose and 1134 declined, while 119 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.15% to 75.697.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher for the last session and ended up in slight green. Also, we expect to see a small gap down today. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 17600. The upside rally could be testing all the way up to 17750-17900 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 17300. A slide to 17150- 17000 is also a possibility if the price makes or break below the current support level.
Technical Chart
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