The upside rally could be testing all the way up to 18100-18300 levels in the upcoming sessions - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17927.20 +21.50 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 added 0.38%, while the BSE Sensex 30 index climbed 0.24%.
The biggest gainers of the session on the Nifty 50 were Grasim Industries Ltd, which rose 4.48% or 77.10 points to trade at 1797.65 at the close. Oil And Natural Gas Corporation Ltd added 4.14% or 6.25 points to end at 157.05 and Hindalco Industries Ltd. was up 3.01% or 14.40 points to 493.50 in late trade.
Biggest losers included Bajaj Finserv Ltd, which lost 1.46% or 262.90 points to trade at 17723.60 in late trade. Mahindra & Mahindra Ltd. declined 1.29% or 10.85 points to end at 829.00 and Bajaj Finance Ltd shed 1.15% or 88.90 points to 7659.35.
The breadth, indicating the overall health of the market, 2023 rose and 1276 declined, while 79 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.14% to 74.315.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher and closed in slight green on the last session. We expect to see a small gap up today. Technically, the analysis remains same. The market is expected to continue on bullish momentum based on the current price action, once the same break above the stiff resistance level near 17900. The upside rally could be testing all the way up to 18100-18300 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 17600. A slide to 17400-17200 is also a possibility if the price makes or break above the current support level.
Technical Chart
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