The upside rally could be testing all the way up to 15050-15200 levels - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14912 -24.05 points on indicating gap down opening for the NSE.
At the close in NSE, the Nifty 50 rose 1.20%, while the BSE Sensex 30 index added 1.05%.
The biggest gainers of the session on the Nifty 50 were JSW Steel Ltd, which rose 8.60% or 40.30 points to trade at 508.75 at the close. Hindalco Industries Ltd. added 6.56% or 21.45 points to end at 348.30 and Tata Steel Ltd was up 6.31% or 51.20 points to 863.05 in late trade.
Biggest losers included Hindustan Unilever Ltd., which lost 1.34% or 32.50 points to trade at 2399.00 in late trade. Nestle India Ltd declined 0.67% or 114.20 points to end at 17051.00 and HDFC Life Insurance Company Ltd shed 0.55% or 3.80 points to 692.40. The breadth, indicating the overall health of the market, 2062 rose and 719 declined, while 144 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.41% to 73.436.
Technical outlook
Nifty 4hr chart has formed "Descending 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 bullish momentum based on current price action, once the same break above the current key resistance holding near 14900. The upside rally could be testing all the way up to 15050-15200 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 14600. A slide to 14450 is also a possibility if the price makes or break below the current support level.
Technical Chart
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