Pre-Market Tuesday! Asian market neutral trading, Nifty50 on the SGX were trading higher at 15885.20 +20.25 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 rose 0.38%, while the BSE Sensex 30 index added 0.34%.
The biggest gainers of the session on the Nifty 50 were Eicher Motors Ltd., which rose 7.62% or 185.30 points to trade at 2,617.95 at the close. Apollo Hospitals Enterprises Ltd. added 3.92% or 138.95 points to end at 3,686.75 and NTPC Ltd was up 2.81% or 4.05 points to 148.20 in late trade.
The biggest losers included UltraTech Cement Ltd, which lost 2.97% or 183.75 points to trade at 6,012.80 in late trade. Shree Cements Ltd. declined 2.59% or 584.50 points to end at 21,980.85 and Asian Paints Ltd. shed 2.09% or 64.10 points to 2,999.90.
The breadth, indicating the overall health of the market, 2155 rose and 1130 declined, while 177 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.42% to 77.81.
Technical outlook
Nifty 4hr chart has formed a "Descending broadening wedge" pattern. The Nifty was trading lower, only to close in slight green. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up, to continue on bullish momentum, once the same break above the current resistance level near 16000. The upside rally could be testing all the way up to 16150-16300 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 current support holds near 15700. A slide to 15550-15400 is also a possibility if the price makes or breaks below the current support level.
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