Daily Nifty Technical Outlook by Finvasia

CNX Nifty witnessed a gap up opening yesterday, above the resistance mark of 6230. Further, the equity index tested the key resistance of 6300 and retreated on global worries. However, nifty managed to sustain the gains and closed 1.3% or 80 points higher from previous close at 6241.10. Going forward, if nifty extends the rally, it will face immediate resistance at 6300. Above that, the very important resistance comes at its all time high i.e. 6357. However, on the downside, nifty has an immediate support at 6230 and 6150, respectively. If the fifty share index breaches below that, next support will come at 6080.

Source: Finvasia Research

On Friday, CNX Nifty ended the volatile trading session marginally above its important level of 6250 at 6259 being 19 points or 0.3% higher. Nifty has an immediate and strong resistance at 6300, If nifty surpasses this level and sustains, we may see it testing its all time high i.e. 6357 as next resistance and above that it may test 6460 to 6500 range. However, if nifty fails to march higher and retreats, it may decline back to 6150 levels and below that at 6080.

Source: Finvasia Research

CNX Nifty yesterday opened above the previous all time record highs and above 6400 as bulls overtook the markets. The fifty share index tested the new highs at 6415 after five years and eleven months before closing at 6363 being 104 points or 1.66% higher, which is its all time closing highs. If nifty retreats from here, we will see it taking immediate and key support at 6330. Further, If it breaks this level decisively, the next support will come at 6230. On the upside nifty has a strong resistance at its new all time highs i.e. 6415.

Source: Finvasia Research

On Tuesday, CNX Nifty witnessed a one direction move towards south and tested the support level of 6310 before rebounding to close the session above the day’s low. Indian markets witnessed profit booking yesterday; though some buying interest led nifty to sustain above 6300 mark. If nifty extends the losses, we will see it taking immediate support at 6230 and any decisive break down below will take it to 6150. On the upside, nifty has an immediate resistance at 6357 and above that at its all time high of 6415.

Source: Finvasia Research

CNX Nifty consolidated around 6300 levels with negative bias in yesterday’s volatile trading session. After hovering around the key support level of 6300, benchmark index breached below that and tested the low of 6280. Nifty bounced back from lows and managed to close above 6300 mark at 6307 being 39 basis points or 24 points lower from prior close. If the fifty share index extends the downtrend, we will see it taking immediate support at 6230 and below that at 6150. However, if it bounces back from here, we will see the benchmark index marching towards 6357 and above that at its lifetime high of 6415.

Source: Finvasia Research

CNX Nifty traded in a narrow range after witnessing gap down opening and broke the range on the downside on Thursday. Nifty closed slightly above the crucial support level of 6230 at 6237.05 being 1.12% or 71 points lower from previous close. If nifty extends the losses from here, it will face immediate support at 6150 and if it decisively breaks this level, the next support will come at 6080 and 5960, respectively. On the upside, 6300 will act as a stiff resistance for fifty share index and above that 6357 will act as important level of resistance.

Source: Finvasia Research

On Friday, CNX Nifty witnessed downtrend and closed near the day’s low at 6168.40 being 68.65 points or 1.1% lower. Going ahead, markets are likely to consolidate with negative bias ahead of key events. If the downtrend continues, we will see nifty taking immediate support at 6130 and if it breaches below that decisively, we will see fifty share index marching towards 6080 mark. On the upside, nifty may witness its first resistance at 6230. If it surpasses this level and sustains, the next resistance will come at 6300.

Source: Finvasia Research

CNX Nifty witnessed a range bound session on Monday and struggled to move higher; though ended in negative terrain. The fifty share index traded cautiously and closed near the day’s low and above the key support level of 6150. Going ahead, if nifty bounces back from here, it will face immediate resistance at 6230 and any crossover above that will take nifty to 6300 and 6350 levels of resistance, respectively. If correction continues on the downside, the immediate support will come at 6130 and below that at 6080. If nifty bursts below that, the next important support will come at 5960

Source: Finvasia Research

Nifty opened higher in yesterday’s session and slowly drifted lower to slip in negative terrain. The quiet global and domestic cues ahead of key events led nifty to close 16 points or 0.25% lower at 6139.05.If nifty extends the losses further, we will see it taking immediate support at 6080 and below that at 5960. If it breaches below 5960, the bears will actively participate in market. On the upside, nifty has a key resistance at 6230 and above that at 6300. If it breaches above 6300, the next resistance will come at 6357 which is its all time high.

Source: Finvasia Research