Daily Nifty Technical Outlook by Finvasia

CNX Nifty witnessed a volatile trading session yesterday and ended at 6162.25 being 0.47% or 29.20 points lower. After opening marginally higher and above 6200 mark, fifty share index slipped in red and flirted with the crucial support of 6150 for nearly whole of the session ahead of the closing bell. Nifty continued to consolidate with negative bias for fifth straight trading session and if it extends the downtrend, the immediate support will come at 6080 and below that at 5960. However, if the markets see a pullback rally, we will see nifty taking first resistance at 6230 and above that at 6300. Any crossover above 6300 will lead nifty towards 6360 mark and invite bulls actively to the rally.

Source: Finvasia Research

On Wednesday, Indian markets snapped five days of losses and consolidated with positive bias, positing first day of gains in 2014. However, the selling by foreign investors ahead of major events failed to push nifty above 6200 mark and led it to close 20 basis points or 12.35 points higher at 6174.60. If nifty continues to trade with positive bias, it will march towards 6230 mark and above that at 6300. If bulls manage to push the fifty share index above 6300 mark decisively, the next resistance will come at 6360 level. On the downside, nifty has a key support in 6130 to 6150 zone and if this range is breached decisively, the next support will come at 6080 and 5960, respectively.

Source: Finvasia Research

On Thursday, Indian markets ended the session on a passive note with six out of seven sessions ending in negative zone in 2014. The cautious sentiments led nifty to consolidate in a narrow range amid the absence of fresh clues and led it to end previous session 10 basis points or 6.25 points lower at 6168.35. If nifty breaks the range on upside, the immediate resistance will come at 6230 and above that at 6300. If nifty surpasses above 6300 and sustains, the next resistance will come near 6360. However, if nifty breaks on the downside, nifty has an immediate support in 6150 to 6130 range and below that at 6080.

Source: Finvasia Research

On Friday, equity markets ended the volatile trading session on a flattish note with marginally positive bias. CNX Nifty managed to close the session decisively above 6150 mark and closed at 6171.45 being 0.05% higher. Going ahead, if nifty marches higher, it will face immediate resistance at 6230 and above that at 6300. On the downside, nifty has a key support at 6080 and below that at 5960.

Source: Finvasia Research

On Monday, Indian equity markets rallied on exceptions that Reserve Bank of India (RBI) will keep interest rate unchanged in its upcoming policy meet after dismal November industrial production number. CNX nifty logged its biggest one day gains in last seven weeks and closed at 6272.75 being 1.64% higher. Going ahead, if nifty marches higher, it will face immediate resistance at 6320 and above that at 6350. On the downside, 6230 will act as immediate support and below that 6150.

Source: Finvasia Research

CNX Nifty took breather on Tuesday after witnessing blockbuster rally on prior day. The fifty share index followed the downtrend and ended the choppy session in negative zone at 6241.85 being 30.9 points or 0.49% lower. Going ahead, nifty has a very strong support at 6230 and below that in the range of 6130 to 6150. If nifty manages to break this range decisively, the bears will actively participate and drag it further. However, if nifty bounces back, its immediate resistance will come at 6300 above that at 6360 mark.

Source: Finvasia Research

On Wednesday, CNX Nifty witnessed the up move and traded decisively above 6300 mark. However, the strong resistance at 6330 led nifty to close the session marginally below that at 6320.90 being 1.27% or 79.05 points higher. Nifty is consolidating in a wide range of 6150 to 6330. In the near term, the fifty share index has a very strong support at 6230 and below that at 6150. On the upside nifty has key resistance at 6330. If it breaks 6330 and sustains, we will see benchmark index rallying above 6400 mark to 6415 which is its all time high.

Source: Finvasia Research

On Thursday, CNX Nifty witnessed a choppy trading day after a positive opening; however it managed to sustain above 6300 mark and ended the session 0.03% or 2 points lower at 6318.90. Going ahead, if nifty marches higher, we will see it taking immediate resistance at 6330 and above that at its all time high of 6415. Any downtick will pull nifty towards 6230 and below that at 6150. If nifty breaches below 6150, we will see bears actively selling in market and dragging the fifty share index towards 6080 mark.

Source:Finvasia Research

On Friday, CNX Nifty witnessed a down-tick and breached below 6300 mark on selling pressure in index heavyweights. Nifty broke below the key psychological level of 6250 but recovered to close the session 0.91% or 57.25 points lower at 6261.65. If nifty continues to extend the downtrend from here, we will see it taking support at 6150 which is lower level of consolidating range. If fifty share index manages to breach below 6150 decisively, we will see it moving towards 6080 level. However, any bounce back in benchmark index will take nifty towards 6300 mark which is an intermediate resistance level. Any crossover above 6300 will take it to 6330 and above that at 6415 level.

Source: Finvasia Research