Daily Nifty Technical Outlook by Finvasia

On Friday, nifty fifty witnessed a volatile trading session in a wide range. Nifty flirted with 5900 mark and closed the session 0.04% lower at 5907.30. If nifty sees some downside from here, we will see it marching towards 5840 mark which is its immediate crucial support. If nifty breaches below that and sustains, we will see it moving towards 5760 mark. However, if nifty moves higher, we will see it moving towards 5960 mark and above that towards 6020 mark.

Source: Finvasia Research

On Monday, after giving gap down opening, nifty fifty recovered most of the intraday losses to settle almost flat for day. Nifty fifty closed the session 1.15 points lower at 5906.15. If nifty moves higher from here, 5960 will act as immediate resistance and if nifty sustains above this level then we may see it marching towards 6030 levels. However, if nifty moves lower, we will see nifty taking immediate support at 5840. If it breaches below this level then we may see nifty moving towards 5760 mark.

Source: Finvasia Research

Yesterday, nifty opened with a gap up near the strong resistance of 5960 but could not sustain the gains and drifted lower. The fifty share index followed downtrend and ended the volatile trading session 038% higher at 5928.40. Going ahead, if nifty follows the downtrend; we will see it taking immediate support at 5800 and below that at 5760. However, if nifty bounces back and march towards north, we will see it taking breather at key resistance of 5960 and above that at 6030.

Source: Finvasia Research

On Wednesday, nifty witnessed a bull rally and breached the strong resistance mark of 5960 on buying activity. The fifty share index regained 6000 mark and closed the session 1.33% higher at 6007.45. If nifty continues with the bull trend, we will see it taking immediate resistance at 6020 and above that at 6140. However, if nifty retreats from here and follows downtrend, we will see it moving towards 5960 mark which will act as strong support. Any decisive break down below that will take benchmark index towards 5800 mark.

Source: Finvasia Research

CNX Nifty ended the choppy trading session higher. The benchmark index for nearly whole of the trading session sustained above 6000 mark and closed the session 0.22% up at 6020.95. 6080 will act as immediate resistance if nifty continues with the bull run and going ahead if nifty sustains above this level then we may see it marching towards 6140 mark. However, if nifty moves lower, we will see it taking immediate support at 5960. If it breaches below this level then we may see nifty moving towards 5800 mark.

Source: Finvasia Research

CNX Nifty traded in a highly range bound manner but managed to close in the positive terrain despite weak global cues and negative economic data. Fundamentally, the markets look strong as the Indian markets have been inching higher despite cautious global sentiment. Nifty is trading above 6100 levels currently and its immediate resistance lies at 6140 with the next resistance near 6200 levels. On the lower side, 6030 is likely to act as an immediate support.

Source: Finvasia Research

CNX Nifty on Tuesday inclined South and breached below 6100 mark. The fifty share index closed the session 0.52% lower at 6080. Bulls have a strong hold on Indian markets and if they will continue to trade actively, we will see fifty share index taking immediate resistance at 6140 levels and above that at 6210 level. If benchmark index extends Southward trend, the immediate strong support will be at 6030 and below that, at 5960 level.

Source: Finvasia Research

CNX Nifty traded in a narrow range with volatility and broke the range on downside in later session. The fifty share index ended yesterday’s session 0.71% lower at 6045.85. Nifty is expected to consolidate in a range above 6000 mark. On downside, Nifty has a very strong support at 5960 and if it decisively breaches that and sustains on closing basis, we will see the index moving towards 5840 mark which is its 200 DMA. On the upside, nifty will face immediate resistance at 6140 and above that at 6210.

Source: Finvasia Research

CNX Nifty registered sharp gains in Friday’s trading session on global optimism and upbeat Chinese economic data. The fifty share index ended yesterday’s session 2.37% higher at 6189.35. Nifty is expected to continue with upward journey. On higher, Nifty has a very strong resistance at 6230 and if it decisively breaches that and sustains above, we will see the index moving towards 6300 mark. On the downside, nifty will face immediate support at 6140 and a break below this level will lead nifty to 6050 level.

Source: Finvasia Research