Daily Nifty Technical Outlook by Finvasia

Yesterday, CNX Nifty dipped in the sea of red and plunged 123 points or 2.02% to close at 5999.05. Markets witnessed a directional move with nifty breaching the minor support of 6020 decisively. If nifty rebounds from here, we will see it taking immediate resistance at 6080. If nifty surpasses this level decisively, bulls will actively participate to lead nifty towards 6230 mark. However, if nifty extends losses, the immediate support will come at 5960 and if it bursts below that, the next support will come in 5870 to 5860 area, where 200 and 100 DMA lies.

Source: Finvasia Research

Friday, CNX Nifty witnessed volatile trading session. Nifty had a gap up opening tracking the overall positive global sentiments. The strength continued throughout all the day, before dramatic sell-off in late afternoon trading session, erasing all the intraday gains. CNX Nifty settled 3.60 points lower at 5995.45 in Friday’s trading session. If Nifty rebound from this level, we will see index taking immediate resistance at 6080. If nifty breaches this level, then we may see it marching toward 6150 levels. However, if nifty extend decline, the index will take immediate support at 5960 and if break below this level, the next support will come in 5870 to 5860 area, where 200 and 100 DMA lies.

Source: Finvasia Research

Yesterday, CNX Nifty opened with a gap up and witnessed the up move for whole of the session. The fifty share index surpassed 6100 mark in the noon session and ended 2% or 120 points higher at 6115.35. If nifty extends the rally from here, we will see it taking immediate resistance at 6230 and above that at 6300. However, if nifty sees a down-tick after the recent gains, it will take immediate support at 6150 and below that at 6080.

Source: Finvasia Research

CNX Nifty witnessed a down tick on Tuesday and traded with negative bias. The euphoria of Monday over the global cues fizzled out yesterday and led benchmark index to settle 0.92% or 56 points lower at 6059.10. If nifty extends the decline from here, we will see it taking immediate support at 5960. If it breaks this level decisively, the next support will come at its 200 DMA i.e. 5870 to 5860 zone. However, if nifty rebounds from here, we will see it taking immediate resistance at 6070 and above that at 6150.

Source: Finvasia Research

Market continued to trade in range bound on Wednesday as volatility further rose further ahead of Thursday’s F&O expiry. CNX Nifty almost ended flat on Wednesday losing 2 points at 6057. If nifty bounce from here, we will see it taking immediate resistance at 6110 and if it breaks this level decisively, the next level to watch is 6150 level. However, if nifty moves lower from here, we will see it taking immediate support at 6010 and below that at 5960.

Source: Finvasia Research

CNX Nifty on Thursday traded in a range but managed to maintain the positive momentum. Fifty share index flirted with 6100 level for nearly whole of the session and closed below it at 6091.85 being 0.57% higher. Nifty is in consolidation phase and if it moves on the higher side extending prior day gains, we will see it taking immediate resistance at 6150 and above that at 6230. However, if it retreats from here, the intermediate and near support will come at 6070. If this level is breached decisively, the next key support will come at 5960 and below that at 5870.

Source: Finvasia Research

CNX Nifty witnessed a gap up opening and surpassed key resistance level of 6150 on Friday. Further, it continued to trade in a narrow range near the highs of the day for whole of the session and ended 1.38% or 84 points higher at 6176.10. Going ahead, if nifty continues the rally; we will see it taking immediate resistance at 6230. If it breaks 6230 and sustains above that, we will see fifty share index marching towards 6300 mark. However, any correction from here will take nifty towards 6080 mark and below that towards the key support level of 5960.

Source: Finvasia Research

CNX Nifty witnessed an upbeat trading session yesterday and traded in a narrow range near the highs of the day for almost whole day. The strong domestic cues along with anticipation of recovery led equity markets to hold the positive momentum and close near day’s high at 6217.85 being 42 points or 0.68% lower. If nifty continues to hold the gains, we will see it marching towards the resistance level of 6300. Any decisive crossover above that will take nifty to its all time high of 6357. However, if nifty retreats from here, it will face immediate support at 6150 and below that at 6080.

Source: Finvasia Research

CNX Nifty witnessed a choppy trading session with negative bias and closed 0.26% or 16 points lower from the previous close at 6201.85 yesterday. The fears of Fed tapering pulled markets lower while domestic optimism capped the downside. The fifty share index is in the consolidation phase and is likely to wait for fresh triggers to break this range on any side. If nifty continues to extend the losses we will see it taking immediate support at 6150 and below that at 6080. However, if nifty rebounds from here, we will see it taking key resistance at 6230. Further, if it decisively surpasses this level, the next resistance will come at 6300.

Source: Finvasia Research