The upside rally could be testing all the way up to 18200-18400 levels in the upcoming sessions - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 18004 +46.75 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 gained 1.07% to hit a new 1- month high, while the BSE Sensex 30 index gained 1.09%.
The biggest gainers of the session on the Nifty 50 were UPL Ltd, which rose 4.14% or 32.65 points to trade at 821.60 at the close. Titan Company Ltd added 3.30% or 84.80 points to end at 2657.50 and Hero MotoCorp Ltd was up 3.16% or 79.00 points to 2578.10 in late trade.
Biggest losers included Wipro Ltd, which lost 2.53% or 18.00 points to trade at 693.50 in late trade. Divis Laboratories Ltd. declined 1.13% or 50.90 points to end at 4465.80 and Nestle India Ltd shed 0.98% or 194.85 points to 19708.00.
The breadth, indicating the overall health of the market, 2545 rose and 976 declined, while 107 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.29% to 74.059.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded higher as expected and closed in slight green on the last session. We expect to see a 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 18050. The upside rally could be testing all the way up to 18200-18400 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 17800. A slide to 17650-17500 is also a possibility if the price makes or break below the current support level.
Technical Chart
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