key support holding near 14850 - Enrich Commodities
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NIFTY MORNING OUTLOOK
Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX
were trading higher at 14999 +51.10 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 declined 0.67%, while the BSE Sensex 30 index fell 0.78%.
The biggest gainers of the session on the Nifty 50 were JSW Steel Ltd, which rose 2.60% or 10.90 points to trade at 429.65 at the close. Tech Mahindra Ltd added 2.33% or 23.40 points to end at 1026.65 and Tata Steel Ltd was up 2.28% or 16.45 points to 736.40 in late trade.
Biggest losers included Divis Laboratories Ltd., which lost 2.91% or 102.05 points to trade at 3410.00 in late trade. Hero MotoCorp Ltd declined 2.58% or 86.40 points to end at 3264.15 and Bajaj Finserv Ltd shed 2.47% or 245.05 points to 9689.05.
The breadth, indicating the overall health of the market, 1759 fell and 1183 advanced, while 192 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.25% to 72.495.
Technical outlook
Nifty daily chart has formed "Ascending 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 bearish momentum based on current price action, once the same break below the current key support holding near 14850. The downside rally could be testing all the way up to 14700-14550 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 15050. A slide to 15200-15350 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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