Daily Nifty Technical Outlook by Finvasia

Indian markets ended yesterday’s session on a marginally higher note with rate sensitive stocks extending recent gains. CNX Nifty traded in a wide range with volatility and ended the session 0.16% or 9.85 points higher at 6313.80. Going ahead, if nifty breaches below 6300 mark, it will take immediate support at 6230 and below that at 6150. On the upside, nifty has a key resistance at 6330. Any crossover above 6330 will take it to 6415.

Source: Finvasia Research

On Wednesday, nifty managed to break the consolidation range on the upside despite of weak global cues. After a weak opening, nifty recovered the prior losses and ended the session 40 basis points or 25.15 points higher at 6338.95. The fifty share index needs the fresh triggers to get a push on upside and if it marches higher, the immediate stiff resistance will come at 6360 and above that at its all time high of 6415. However, any correction would bring nifty back towards 6300 which is its intermediate near term support. If nifty breaches below this level and sustains, the next support will come at 6230.

Source: Finvasia Research

Indian markets on Thursday opened in negative terrain but slowly drifted higher to march in green. During the noon hours, nifty jumped in green and ended the session near the day's high at 6345.65 being 0.11% higher. If nifty continues with the uptrend, it will face immediate resistance at 6360. If it decisively breaks 6360, bulls will actively participate and push it towards its all time high of 6415. On the downside, 6300 will act as first support and below that 6230 will come at second support to fifty share index.

Source: Finvasia Research

On Friday, CNX Nifty saw correction as bulls jumped out of the markets after witnessing faded momentum near the highs. The global negative sentiments and sell off in stocks weighed and pulled nifty to 6266.75 level at the close being 1.24% or 79 points lower. If the downtrend continues in near term, fifty share index will see immediate support at 6230 and below that at 6150. If 6150 breaks and sustains, we will see bear trend ahead. However, any rebound from here, will take nifty to 6300 mark which is an intermediate resistance. If nifty surpasses above this mark, the strong resistance will come at 6360.

Source: Finvasia Research

Yesterday, CNX Nifty slumped for the second straight session and started the session below 6200 mark. The volatility as well as nervousness in the markets led benchmark indices to witness correction with nifty breaking the key support of 6150 decisively and close the session at 6135.85 being 131 points or 2.09% lower. If nifty continues to correct from here, the immediate support will come at 6080 and below that at 5960 which is a strong level. However, any rebound from here will take nifty to 6230 mark. If nifty crosses 6230 mark and sustains, we might see a bounce back with next resistance at 6300.

Source: Finvasia Research

The fifty share index ended flat in yesterday’s volatile session after RBI Governor gave an unexpected blow to the market participants by raising repo rate. Equity markets saw steep decline on Monday and then some consolidation was witnessed on Tuesday below 6150 mark. Going forward, nifty may rebound to 6150 to 6200 levels. However, if it breaches above key resistance of 6230 and sustains, the bulls will actively participate in the market. On the downside, nifty may test immediate support at 6080 and below that the intermediate support lies at 6000.

Source: Finvasia Research

On Wednesday, Indian markets started the session on a strong note and traded firm during the early hours. Towards the last hours of the session, nifty’s rally quickly fizzled out and led it to close flattish negative at 6120.25 being 0.1% or 6 points lower. Nifty has managed to sustain below the lower end of the consolidating range i.e. 6150 level which indicates that markets might see bear trend in the near term. Going ahead, if nifty continues to drop; we will see it taking immediate support at 6050 and below that at 5960. However, if benchmark index rebounds from here, it will take immediate resistance at 6150 and if 6150 is surpassed decisively, the next resistance will come at 6230.

Source: Finvasia Research

CNX Nifty slipped to two months low in yesterday’s session and extended its decline for the fifth straight session. After opening gap down, nifty consolidated with negative bias for nearly whole of the session and towards the end of the session it came off from the lows to close 0.76% or 46.55 points lower at 6073.70. Going forward, if nifty continues to decline, it will face immediate and intermediate support at 6050. If nifty breaks down below this mark decisively, the neat important support will come at 5960. On the upside, immediate resistance for nifty is at 6150 and above that at 6230.

Source: Finvasia Research

On Friday, CNX Nifty witnessed a lackluster session and traded with volatility within a range. The benchmark indices trimmed initial weekly gains though fifty share index closed Friday's session 0.26% or 15.8 points higher at 6089.50. The markets are further likely to remain vulnerable in the absence of fresh clues with nifty facing tough resistance at 6130 and beyond that at 6230. In the near term, Nifty is expected to remain bearish with intermediate support coming at 6000 and below that at 5960, which is a very important level.

Source: Finvasia Research