Daily Nifty Technical Outlook by Finvasia

Nifty Outlook and Trading Levels for August 22nd

CNX Nifty settled in deep negative terrain on Wednesday after having traded more than 1% higher. The Nifty registered its fourth consecutive negative settlement with index losing 1.83% to 5302.55 levels. If bears continue with selling in market, we will see nifty taking major support at 5180 with intermediate support at 5230. However, if nifty bounces back from here, it will take immediate resistance at 5350 and if it decisively breaks that, we will see it leading towards 5420 levels.

Source: Finvasia Research

CNX Nifty witnessed a bounce back yesterday after four trading sessions of losses and closed above 5400 mark at 5408.45. Nifty has immediate resistance area at 5480 to 5500 and if it crosses that and sustains, we will see it moving towards 5560 levels. However, if the weakness emerges in the market, we will see nifty taking immediate support at 5330. A decisive break down will take nifty towards 5250 levels.

Source: Finvasia Research

CNX Nifty followed the uptrend on Friday and closed above the key psychological level of 5450 at 5471.75. Going further, Nifty has strong support at 5350 for this pull back rally. If it breaches this key level and sustains below that, it will test 5250 as support. Overall trend of the market is cautious and we might see nifty taking resistance in 5480-5500 zone. Any crossover above 5500 will head nifty towards 5560 levels.

Source: Finvasia Research

Nifty fifty ended yesterday’s volatile trading session on a flattish positive note. After the rally of two straight sessions, nifty consolidated and closed 9 basis points up at 5476.50. Nifty has a very strong resistance near 5500 levels and if it breaks this level decisively, it will move towards 5560 mark. However, if weakness emerges in market, we will see nifty retreating towards the crucial support of 5350 and further if nifty breaches below that, we will see the downtrend going towards 5250 level.

Source: Finvasia Research

CNX Nifty yesterday marched towards south and closed nearly 190 points lower at 5287.45. If nifty extends its downtrend further, it will take immediate support at 5250. If nifty breaks below this level and sustains, it has major support at 5178 levels. However, if nifty bounces back from here, it has key resistance at 5350. Any crossover above that will lead nifty towards 5480 levels.

Source: Finvasia Research

CNX Nifty after recovering from the crucial support level of 5130 ended the volatile session at 5285. If nifty follows the uptrend from here, we will see it taking key resistance at 5350. If the fifty share index breaks that and sustains above it, we will see it marching towards 5480 level. The overall sentiments in the market are weak so we might see nifty plunging and taking support at 5250. If it breaks that support and trades below it comfortably, we will see it taking crucial support at 5178.

Source: Finvasia Research

CNX Nifty ended the August expiry session higher and closed 2.35% up at 5409.05. Nifty has seen a smart pull back rally in last two sessions. If this rally continues, we will see nifty testing key resistance in the zone of 5480-5500. If the fifty share index crosses this range and sustains, we will see it testing resistance at 5560. However, if nifty enters in bear trend once again, we will see it taking immediate support at 5350 and if it breaches below that, we will see it moving towards 5250 level.

Source: Finvasia Research

Nifty fifty ended Friday’s volatile trading session in positive terrain at 5471.80. Nifty continued the pull back rally for nearly four of the five sessions last week and ended the week on a flat note. Nifty has a very strong resistance near 5500 levels and if it breaks this level decisively, it will move towards 5560 mark. However, if weakness emerges in market, we will see nifty retreating towards the crucial support of 5350 and further if nifty breaches below that, we will see the downtrend going towards 5250 level.

Source: Finvasia Research

Nifty fifty extended gains for the third straight session and closed broadly higher yesterday being 1.44% up at 5550.75. Nifty is witnessing a pullback rally and if it continues with it, we will see it taking immediate resistance at 5560. If it break this level and sustains above that, it will lead it towards 5610 mark. However, if it breaks on downside, we will see it taking support at 5480 and if it bursts below that, the next support will be at 5350.

Source: Finvasia Research