Daily Nifty Technical Outlook by Finvasia

CNX Nifty traded in wide range with volatility and broke the range on downside in later session. The fifty share index ended yesterday’s session flat and above 6200 at 6202.80 being 2 basis points up. Nifty is expected to consolidate in a range near 6200 mark with upward bias. On downside, Nifty has a very strong support at 6150 and if it decisively breaches that and sustains on closing basis, we will see the index moving towards 6050 mark. On the upside, nifty will face immediate resistance at 6230 and above that at 6300.

Source: Finvasia Research

Yesterday, Nifty witnessed a game of zero sum as it began to start trading in green, moved towards South and crept back towards the end of session. The fifty share index ended the session 24 points or 0.39% lower at 6178. If Nifty continues to correct from here, we will see it taking immediate support at 6150 and below that at 6050. On the upside, nifty has a very strong resistance at 6230. If nifty breaches this level and sustains, we will see it moving towards 6300.

Source: Finvasia Research

Yesterday, Nifty tested the strong resistance of 6230 yesterday and moved slightly above that before slipping lower and closing near day’s low at 6164 being 0.23% lower. We might see some profit booking in markets and if it happens, nifty will test the level of 6100 as key support and below that at 6050. On the upside, nifty has a very strong resistance at 6230 and above that at 6310.

Source: Finvasia Research

CNX Nifty ended the choppy trading session lower on Friday. The fifty share index struggled to sustain the gains but heavy profit booking weighed and led it to trade lower. It closed 0.32% lower at 6144.90. In the near term 6100 will act as the immediate support to the index and if it breaches that, decisively, 6050 and 5960 will act as important support levels. However, on the upside, nifty will take immediate resistance at 6230. If nifty breaches this level and sustains, we will see it moving towards 6300.

Source: Finvasia Research

CNX Nifty yesterday plunged for the fifth straight session and closed 0.71% lower at 6101.10. Nifty traded in a range and broke this range on downside in the later session but managed to close above 6100 mark. On downside, Nifty has a very strong support at 6050 and if it decisively breaches that and sustains on closing basis, we will see the index moving towards 5960 mark. On the upside, nifty will face immediate resistance at 6150 and above that at 6230.

Source: Finvasia Research

Yesterday Indian markets saw a directional move towards north with nifty breaching above 6200 mark. The fifty share index rallied 120 points and closed the session 1.96% higher at 6220.90. Going forward, if nifty continues with the rally, we will see it taking immediate resistance at 6250 and if it manages to surpass this level decisively, it may see further upside till 6340. However, if nifty retreats from here, it will witness immediate and key support at 6150 and below that at 6080.

Source: Finvasia Research

Yesterday Indian markets traded in a positive range and broke it towards upside in the noon session. The global and domestic cues pushed nifty above the key resistance of 6230 and led it to close at 6251.70 being half a percent higher. If nifty extends the rally, then on the higher side we may see nifty taking resistance at all time high of 6357, though it has an intermediate resistance at 6310. If nifty breaks all time highs and sustains there, we may expect a bull rally in markets. However, if nifty breaks on the downside, we will see it taking immediate support at 6150 and below that at 6080.

Source: Finvasia Research

CNX Nifty yesterday drifted slowly higher and in the later half breached above 6300 mark. Nifty tested the high of 6309 and came off from high to close at 6299.15 being 0.76% higher. The benchmark index is trading slightly below its all time highs of 6357 and if it breaches above that decisively, we will see a bull run in the markets. On the downside, nifty has immediate support at 6230 and below that, a very important support lies at 6080.

Source: Finvasia

CNX Nifty tested the sessions high at 6332 and came lower on Friday in a volatile trading session to close marginally higher at 6307.20. On Sunday, in Muhurat trading nifty ended 0.29% higher at 6317.35. If nifty extends its upward trend, it will face a very strong resistance at its all time high of 6357. However, on the downside, nifty has its immediate support at 6230. If the fifty share index breaches below that and sustains, the next key support will be at 6080. If this level breaches, bears will actively participate in the market.

Source: Finvasia Research