Daily Nifty Technical Outlook by Finvasia

CNX Nifty closed yesterday’s session near the strong support of 5880 at 5878. The range of 5870-5880 is very crucial as any decisive breakdown from here will take nifty on the bearish move and it will test 5750 levels. The immediate support of the benchmark index is 5850.

If nifty manages to move on the upside, the first resistance will be tested at 5896 and any further move will take the index towards 5930 and 5980 levels.

Source: Finvasia Research

Nifty Fifty ended yesterday’s session at 5788. The weakness in the market is likely to continue and we will see Nifty testing the 5750 levels as the immediate support and breaking below that will take nifty to 5720 levels. If Nifty moves on the upside, it will test the resistance at 5850 and crossover that, the bulls will take Nifty to 5896 levels.

Source: Finvasia Research

Nifty Fifty ended yesterday’s session at 5760. The weakness in the market is likely to continue and we may see Nifty breaking the key support of 5750 levels to trade lower. Below that nifty has the key support level at 5720 and 5670 levels, respectively. If Nifty moves on the upside, it will test the resistance at 5850 and a crossover that, the bulls will take Nifty to 5896 levels.

Source: Finvasia India

Nifty Fifty ended yesterday’s session at 5699.10, below the important psychological level of 5700. However nifty is likely to open higher tracking the positive global clues. On the upside, 5750 will act as immediate resistance and if it moves above this level then the bulls will take Nifty to 5790 levels. On the downside, 5670 will act as immediate support and move below this level may take nifty to next key level of 5640.

Source: Finvasia Research

Nifty 50 had managed to clock above the 5800 mark on Friday and was up by 1.92%. The markets will focus on the RBI’s decision on the repo rate and will take cues from there on. If Nifty breaks the key resistance of 5840 to 5850 we will bullishness seeping in and Nifty tapping 5890 mark. A disappointment from the central bank might see Nifty dipping to 5750 level and a break on the downside will see Nifty index testing 5720 level.

Source: Finvasia Research

On the technical view point 5890 remains a critical resistance zone for CNX Nifty and if it manages to break this level we might see the index testing 5930 levels. Indices will continue to take cues from the global markets ahead of FOMC meeting. If nifty fails to hold its gains and slips below 5840 levels we might see some selling pressure and the index slipped to 5800.

Source: Finvasia India

CNX Nifty closed yesterday’s session at 5813.60. Nifty has a strong support at 5800 and if it sustains above it we might see the benchmark index testing 5890 levels; however the immediate resistance lies at 5850. If the benchmark index breaks 5800 decisively we will see nifty testing 5750 levels and on the upside crossover above 5890 will bring further upside and index marching towards 5930.

Source: Finvasia India

NSE Nifty closed yesterday’s session at 5822.50. Nifty has a strong resistance at 5830 and if it sustains above it we might see the benchmark index testing 5850 levels, the chances of which are very bleak. We might see benchmark index breaking the support of 5800 today and testing 5750 levels and busting below that will take nifty towards 5680.

Source: Finvasia India

CNX Nifty closed yesterday’s session at 5655.90. Nifty broke the strong support of 5680 decisively and closed below that level. The benchmark index will test the immediate support at 5605 if it sees further downside and breaching this support will take nifty to 5530 levels. On the upside the 50 share index has strong resistance at 5680 and breaking over that will take nifty to 5750 levels.

Source: Finvasia India