Daily Nifty Technical Outlook by Finvasia

CNX Nifty witnessed a bull rally yesterday and closed the session above the key psychological mark of 6100 at 6115.55 being 3.66% higher. If nifty extends the bull rally, we will see it taking immediate resistance at 6150. If nifty marches further and sustains, the bulls will take relief at 6230 mark. However, if nifty retreats from here, it will take immediate support at 6050 and below that at 5960 which is a crucial support level.

Source: Finvasia Research

The equity markets nosedived on Friday with nifty index bleeding 103 points to close at 6012.10. Nifty will consolidate this week with slightly negative bias. If nifty extends its correction, we will see it taking immediate support at 5960 and below that at 5880. However, if nifty bounces back from here, its first immediate resistance will be at 6030 and above that at 6120.

Source: Finvasia Research

NSE Nifty yesterday witnessed a terrible start to the expiry week and bleeded 2.04% to end the session below 5900 mark at 5889.75. Nifty is expected to continue with its downtrend further. Nifty has a very strong support in the zone of 5820-5840 as its 100 and 200 DMA lies here, respectively. If nifty decisively breaks this range, we will see it marching below5800 to next support level of 5760. Though the upside is limited but if nifty rebounds from here, we will see it taking immediate resistance at 5960 and above that at 6020.

Source: Finvasia Research

Nifty fifty yesterday flirted with 5900 level in a volatile trading session, although it moved in a range. The fifty share index closed the session 0.05% higher at 5892.45. If nifty marches on downside, we will see it testing immediate support in 5840-5820 zone. If it breaches below this area decisively, we will see it moving towards 5750 level. On the upside, nifty has key resistance at 5960 and above that at 6020 mark.

Source: Finvasia Research

Yesterday, CNX nifty witnessed a volatile trading session after flirting with 5900 mark initially. The fifty share index dropped 32 basis points to close the session at 5873.85. Nifty is likely to follow downtrend further and we will see it taking immediate and major support in the area of 5840 to 5810. If nifty bursts below this level decisively, we will see it taking another support at 5760. On the upside, nifty has immediate resistance at 5960 and above that at 6020.

Source: Finvasia Research

CNX Nifty ended the September series of derivative contracts at 5882.25 being 0.14% up. The markets witnessed volatile trading session with nifty consolidating in this range. If nifty drops from here, we will see it taking important support at its 200 and 100 DMA i.e. 5840 and 5814, respectively. If nifty breaks below that, we will see it taking further support at 5760. On the upside nifty has immediate resistance at 5960 and above that at 6020.

Source: Finvasia Research

CNX Nifty on Friday ended the session nearly 50 points lower at 5833.20 being 0.83% lower. The markets witnessed volatile trading session with nifty consolidating in this range with negative bias. If nifty drops from here, we will see it taking important support at its 100 DMA i.e. 5814. If nifty breaks below that, we will see it taking further support at 5760. On the upside nifty has immediate resistance at 5960 and above that at 6020.

Source: Finvasia Research

Yesterday, bears took over the Indian market and led fifty share index to bleed. The equity markets traded in the deep sea of red and closed 1.68% lower at 5735.30. Going forward, if bears continue to hold the market, we will see nifty plunging to the key support level of 5700 and below that at 5675. However, if nifty bounces back from here and bulls participate actively, we will see nifty moving towards 5838 mark and above that towards 5960.

Source: Finvasia Research

NSE Nifty started the October month on positive note and slowly drifted higher on Tuesday to close the session at 5780.05 being 0.78% higher. If nifty extends upside from here, we will see it taking key resistance at 5840 and if it breaks that decisively, it will march towards 5960 mark. On the downside, nifty has a very strong support at 5760 and below that it can take support at 5670.

Source: Finvasia Research