Daily Nifty Technical Outlook by Finvasia

CNX Nifty extended Monday’s gains and opened yesterday’s session on a higher note. The benchmark index further gained the strength during the session with nifty index surpassing the key resistance mark of 6130, supported by gains in banking stocks on the government’s budget commitment to contain fiscal deficit. The CNX Nifty ended the session at 6127.10, 0.9% higher from previous closing level. If nifty fails to sustain the upside and falls from here, it will take immediate support at 6090 and below that at 6050. However, if nifty continues to move higher, it will face important resistance at 6170. Any decisive breach above 6170 will take the benchmark index above 6200 mark at 6230 which is key resistance.

Source: Finvasia Research

On Wednesday, CNX nifty extended gains for fourth consecutive sessions to log its highest settlement in nearly one month. The index surpassed 100-day moving average (DMA) 6145 mark and settled at 6152.75, up by 0.42% from previous closing levels. The fifty share index will take immediate support in the range of 6120 to 6130 and break below this range will take nifty towards 6050 level. However, if nifty continues to move higher, it will face resistance at 6180. Any decisive breach above 6180 will take the benchmark index to 6230.

Source: Finvasia Research

On Thursday, CNX Nifty snapped its four days winning streak and closed below key psychological mark of 6100. The index extended its decline in last hour of trade pressured by decline in banks and FMCG stocks. The 50-share index settled 1% lower at 6091.45. Though market witnessed profit booking yesterday, the trend in market is still in consolidation mode. The index will take immediate support at 6080 and break below this level will take nifty towards 6030 level. However, if nifty retrace back from current level, it will face immediate resistance in the range of 6130-6150. Any decisive breach above 6150 will take the nifty above 6200 level towards 6230 which is key resistance level.

Source: Finvasia Research

CNX nifty surged over 1% on Friday, resuming its uptrend after one day pause. The index extended its gains in second half of the trade supported by gains in Cement and Banking stocks. The 50-share index nifty settled above its 100- DMA 6145 mark at 6155.50, 1.05% higher from previous closing levels. Going ahead, if nifty fails to sustain uptrend and falls from here, it will take immediate support at 6100 and below that it will take support at 6050. However, if nifty resumes its uptrend, it will face immediate resistance at 6170 and breach above this level will take nifty towards 6230 which is crucial level to watch.

Source: Finvasia Research

CNX nifty extended its last week’s gains on Monday to their highest closing in last one month, buoyed by institutional buying in selective stocks. The 50-share Nifty settled 31 points higher at 6186, the highest settlement since January 24. Going ahead, if nifty resume its uptrend, it will face immediate resistance at 6230. 6230 is key resistance level to watch and if it breaches above this level then we will see nifty marching towards 6300 with next crucial level to watch is 6330. However, if nifty falls from here, it will take support at 6145 which is its 100-DMA and breach below this level will take nifty towards 6100.

Source: Finvasia Research

CNX nifty moved higher on Tuesday with gains in IT & Cement stocks helped index to reclaim key psychological mark of 6200. The 50 share index settled 0.23% higher at 6200.35, marking third positive settlement. Going ahead, if nifty fails to sustain uptrend and falls from here, it will take immediate support at 6145 which is its 100-DMA and breach below this level will take nifty towards 6100. However, if nifty extend rally, it will take immediate resistance at 6230 and above that at 6285.

Source: Finvasia Research

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On Wednesday, CNX nifty moved higher in last day of February Nifty F&O contract expiry with index surpassing key resistance mark of 6230. Markets were closed on Thursday due to Mahashivratri. The CNX nifty settled 0.62% higher at 6238.80, marking the eighth positive closing in the last nine sessions. Going forward, if nifty resume its uptrend, it will faces immediate resistance at 6280 and breach above this level will take nifty towards 6330. 6330 is key resistance level to watch and if nifty manages to surpass this level then we may see bulls coming to the market. However, if nifty fails to sustain uptrend and falls from here, it will take immediate support at 6200 and below that at 6145 which is its 100-DMA.

Source: Finvasia Research

On Friday, CNX nifty moved higher for fifth consecutive session on continued buying from Foreign Institutional Investors (FIIs). CNX Nifty ended the session 0.61% higher at 6276.95, the highest settlement since January 23. For the week, 50-share index rose 1.97%. Going forward, if nifty fails to sustain uptrend and falls from here, it will take immediate support at 6235 and breach below this level will take nifty below 6200 with next level to watch is 6180. However, if nifty extend its rally, it will face immediate resistance at 6300 and above that at 6350. 6350 is crucial resistance level to watch and if it manages to surpass this level, we may see further bull move coming in the market.

Source: Finvasia Research