Daily Nifty Technical Outlook by Finvasia

CNX nifty rebounded in Tuesday’s trading session to mark their highest settlement in five weeks. Investors rushed to buy riskier assets as geopolitical concerns eased following remarks from Russian President. CNX nifty ended the session 1.23% higher at 6297.95, the highest settlement since January 23. Going forward, if nifty extends its upward move, it will take immediate resistance at 6330 and above that at 6360. 6360 is key level to watch and if nifty manages to surpass this level, we may see bulls coming to market. However, if nifty fails to sustain uptrend and falls from here, it will take immediate support at 6250 and below that at 6180.

Source: Finvasia Research

On Wednesday, CNX nifty extended gains to settle near its all time record high levels on sustained buying from foreign Institutional Investors (FIIs). Easing of Ukraine crisis and upbeat non-manufacturing PMI from China also helped gains in equity markets. FIIs have been continuously pumping money in Indian equity markets on hopes that Narendra Modi led BJP will come in to power after next general elections. FIIs have bought net 5,200 crore in Indian equity markets during last two weeks, provisional data from Securities and Exchange Board of India (SEBI) showed. CNX nifty ended the session 0.49% higher at 6328.65, marking the highest settlement since January 23. At this level, the index is just 35 points away from its record high closing of 6363.90. Going forward, if nifty extends its upward move, it will take immediate resistance at 6360. 6360 is crucial level to watch and if index manages to surpass this level, we may see bulls coming to market. However, if nifty fails to sustain uptrend and decline from here, it will take immediate support at 6280 and below that at 6230.

Source: Finvasia Research

On Monday, CNX nifty hit fresh record high for third straight sessions amid continued buying from Foreign Institutional Investors (FIIs). Gains in financial sectors stocks led the index to trade in unchartered territory. Nifty futures index rose 0.2% to 6537, the fifth straight positive closing for the index. Going forward, if nifty extend its recent rally, the index will take immediate resistance at 6560 and breach above this level will take index above 6600 with next level to watch is 6610. However, if nifty fails to sustain uptrend and decline from here, it will take immediate support at 6490 and below that at 6425..

Source: Finvasia Research

On Tuesday, CNX nifty snapped its five days winning streak, as investors booked profits after recent rally on ongoing political turmoil in Ukraine. Metal stocks were the biggest losers as weak economic data from China reignited fears of slowdown in world’s biggest consumer of metal. CNX nifty index slipped 25.35 points or 0.39% to close at 6511.90 levels, the first negative settlement in six trading sessions. Going forward, if market extend decline, it has immediate support at 6485 and below that 6400 is next key level to watch. However, if nifty bounce back in today’s trading session, it will take immediate resistance at 6560 and above that 6610 is major resistance level to watch.

Source: Finvasia Research

On Wednesday, CNX nifty settled marginally higher in a range bound session, posting sixth gains in seven sessions. Gains in pharmaceutical and software services sector helped the index to settle higher. Nifty index tacked on 5 points to its daily charts, closing 0.08% higher at 6516.90 levels. Going forward, if nifty resume its uptrend, it will take immediate resistance at 6560 and breach above this level will take nifty above 6600 with next level to watch is 6610. On the downside, nifty has immediate support at 6480 and below that at 6425.

Source: Finvasia Research

On Thursday, Indian market settled lower as investors booked profits on concerns of slowdown in Chinese economy. CNX nifty started the session on optimistic note and traded in positive terrain for most of the trading session. However, market witnessed sharp selloff in last trading hour after weak set of numbers came out from China. Nifty index slipped 23.80 points to its daily charts, closing 0.37% lower at 6493.10 levels. Going forward, if nifty extends its decline, it will face immediate support at 6450 and below that 6400 which is crucial level to watch. However, if nifty moves higher in today’s trading session, it will face immediate resistance at 6530 and above that at 6570.

Source: Finvasia Research

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On Tuesday, CNX nifty retraced back from record high levels on profit booking, closing marginally higher. Indian markets had gap up opening amid positive global cues. Tracking the momentum, the 50-shares index surged to fresh record high level of 6574.95. However, nifty gave back most of its intraday gains on profit booking in second half of trading session. CNX nfity added 12.45 points to its daily charts, closing 0.19% higher at 6516.65 levels. Going forward, if nifty extends gain, it will face immediate resistance at 6560 and breach above this level will take nifty above 6600 with next resistance level to watch is 6610. On the downside, nifty will take support at 6480 and below that at 6445.

Source: Finvasia Research

On Wednesday, CNX nifty settled marginally higher in a range bound session as investors remained on sideline ahead of Fed policy meeting outcome. Gains in financial and metal stocks were offset by sharp fall in IT stocks. CNX IT index declined more than 2% after TCS said that earnings for 4th quarter of FY14 will be subdued, with management expecting a decline of 40-50 basis points in margins. Nifty index gained 7.40 points to its daily charts, closing 0.11% higher at 6524.05 levels. Going forward, if nifty failed to sustain uptrend and falls from here, it will take immediate support at 6480 and below that at 6440. However, if nifty extend its gains, it will take immediate resistance at 6560 and above that 6610.

Source: Finvasia Research