Daily Nifty Technical Outlook by Finvasia

CNX Nifty started the session below its 200 DMA on Tuesday amid gap down opening and recovered all the losses to close the session on a flat note at 6000.90. Going ahead, if nifty rebounds from here, it will face immediate resistance at 6050 and if it breaches above that, we will see it taking stiff resistance at 6130 which is its 100 DMA as well. However, any further breakdown on downside will take nifty towards 5960 mark and below that at 5920 mark.

Source: Finvasia Research

CNX Nifty recouped intraday losses yesterday after flirting with 200 DMA and ended in positive terrain above 6000 mark at 6022.40 with 0.36% or 21.5 points of gain. Nifty is likely to continue with the bounce back as it is managed to end the yesterday’s session above the Tuesday’s closing price. Hence if it extends the uptrend, we will see it taking immediate resistance at 6050 and above that at 6130 which is very important resistance. If 6130 is decisively breached, we may see a bullish trend in markets ahead. On the downside, nifty has key support at 5960 and below that at 5920.

Source: Finvasia Research

CNX Nifty traded with volatility on Thursday and saw an abrupt decline in initial hours. Fifty share index steadily recovered the earlier losses and managed to end the session at 6036.30 with marginal gains being 0.23% or 13.9 points higher. If nifty continues the uptrend, it will face immediate resistance at 6130. Any crossover above 6130 will invite bulls to the market and lead them towards next resistance at 6230. However, any breakdown below the current levels will take nifty to 5960 mark which is its 200 DMA and a crucial support level.

Source: Finvasia Research

CNX Nifty remained under heavy selling pressure in the last one week, though the benchmark index managed to end the session higher on Friday. Equity markets traded with volatility in a wide range and closed the session 0.45% or 27 points up at 6063.20. If nifty continues with the optimism and edges higher, we will see it taking immediate resistance at 6080 and above that at 6130 which is its 100 DMA. Any decisive breakdown above 6130 will bring bull rally in the market. On downside, nifty has key support at 5960.

Source: Finvasia Research

Yesterday, Indian markets traded in a range amid low volumes and lack of significant cues. Nifty struggled to march towards 6100 mark in intraday but slipped as no fresh buying failed to push it higher. Nifty ended the lackluster session 10 points or 0.16% lower at 6053.45. Going ahead, the zone 6130 to 6150 will act as major resistance on the charts. On the downside, 6000 is a key support level and if it breaches decisively, the next support will come at 200 DMA i.e. near 5970. Any major breakdown below 200 DMA will trigger sharp selloff in markets.

Source: Finvasia Research

CNX Nifty witnessed a range bound session yesterday and ended with the minor gains amid low volumes and wariness among investors. The fifty share index consolidated with positive bias before closing 9.25 pints or 0.15% higher at 6062.70. On the higher side, nifty can face immediate resistance in 6130 to 6170 zone. In the extreme bullish scenario, nifty can surpass this resistance zone and march towards 6230 mark. However, the selling pressure may impel the benchmark index to reverse the move and march towards immediate support of 6030. On breaching below 6030 mark, nifty is likely to retest its 200 DMA near 5970.

Source: Finvasia Research

CNX Nifty yesterday ended the yesterday’s session in gains after flirting with 6100 mark. Equity markets witnessed another range-bound session with positive bias and nifty ended 0.35% or 21.30 points higher at 6084. The fifty share index will continue to face tough resistance in the range of 6130 to 6150 and if the benchmark breaches above this range and sustains, the next resistance will come above 6200 mark at 6230. Any reversal will pull nifty towards 6030 which will act as immediate support. If nifty decisively breaks below 6030 mark, the next important support will come at 5960.

Source: Finvasia Research

On Thursday, CNX Nifty moves sharply lower, settling near key physiological mark of 6000.After witnessing the range bound session in first half, market suffered sharp selling pressure in second half of trading session and CNX nifty index ended 1.36% to 6001.10. Nifty has strong support at 5950 mark and during last few months it has successfully held this level. But if nifty breaches this level then we say bears coming to the markets with next key level to watch is 5800. On the higher side, Nifty will face immediate resistance at 6060 and if its breaches above this levels and sustains, the next resistance will in the range of 6130-6150.

Source: Finvasia Research

On Friday, CNX Nifty traded in a range and flirted with 6000 mark for nearly whole of the session. In the noon hours, the fifty share index slipped marginally in red and bounced back to end the session 0.79% or 47.25 points higher at 6048.35. If nifty continues with the uptrend, we will see it taking immediate resistance in the range of 6130 to 6150. Any crossover above that will take nifty towards 6230 level. On downside, nifty has a very important support at 5960.

Source: Finvasia Research