Daily Nifty Technical Outlook by Finvasia

On Friday, CNX nifty moved lower in a range bound session. CNX nifty ended the session at 6493.20, down by 10.10 points or 0.16% from previous close. Nifty has been consolidating in the range from last few days with 6560 acting as stiff resistance and 6410 as strong support. Going forward, if nifty moves higher in today’s trading session, it will take immediate resistance at 6530 and above that at 6560 which is key resistance level to watch. On the lower side, nifty has strong support near 6450 and below that at 6410.

Source: Finvasia Research

On Monday, benchmark indices rallied to settle at fresh record high as foreign investors continue to pump money in domestic markets. CNX nifty rose 1.36% higher to close at fresh life time high of 6583.50. Technically, nifty has broken the key resistance mark of 6560 and till the time it sustains above this level, the Indian markets are expected to trade with bullish stance. On the up side, 6600 is near term resistance level to watch, if it breaches this level, we may see further rally in equity markets with next resistance level to watch is 6700. On the down side, 6560 is key support level to watch and below that nifty has strong support at 6480.

Source: Finvasia Research

On Tuesday, benchmark indices inched higher in a range bound session to mark fresh record high settlement. Gains in financial and capital goods stocks helped the index to march higher. CNX nifty ended the session at 6589.75, up by 6.25 points or 0.10% from previous closing. Technically, nifty is trading in unchartered territory and till the time it sustains above 6560, the index is expected to trade with bullish sentiment. On the up side, 6600-6610 is key resistance zone to watch and breach above this zone will trigger further buying in the index with next key level to watch is 6700. On the down side, 6560 is key support level to watch and below that nifty has strong support at 6480.

Source: Finvasia Research

On Wednesday, benchmark indices surged to fresh record high, supported by gains in metal and capital good stocks. CNX nifty ended 11.65 points or 0.18% higher at 6601.40, the fresh record high settlement. Nifty might witness volatility in today’s trading session as March F&O segment is set to expire today. Technically, nifty is trading in uncharted territory and till the time it sustains above 6560, the index is expected to trade with bullish sentiment. 6630 is near term resistance level to watch, if nifty breaches above this level, we will see nifty marching towards 6700 with next resistance level to watch is 6720. On the down side, 6560 is key support level to watch and below that nifty has strong support at 6480.

Source: Finvasia Research

On Thursday, nifty surged on expiry day to mark another record high settlement. CNX nifty ended the session 40.35 points or 0.61% higher at 6641.75, the fresh record high settlement. Technically, sentiment remains bullish and till the time it trade above 6600, the index is expected to witness further buying. 6675 is near term resistance level to watch, if index breaches this level it will take nifty above 6700 marks with next level to watch is 6720. On the downside, 6610 is near term support level to watch and below that nifty has strong support at 6560.

Source: Finvasia Research

On Friday, Indian equity markets scaled new highs, boosted by sharp rally in shares of PSU banks. CNX PSU Bank surged almost 5% after Reserve Bank of India (RBI) extended deadline for banks to implement global capital norms Basel 3 by a year to March 2019. Sentiment remained positive on incessant buying from foreign investors on hopes of stable government after next general elections. CNX nifty ended the session 0.82% higher at 6695.90, the fifth consecutive record high settlement. Technically, nifty is trading in uncharted territory and till the time it sustains above 6600 marks, the markets are expected to trade with bullish sentiments. 6735 is near term resistance level to watch, if nifty breaches this level, then we may see index marches toward 6800 with next resistance level to watch is 6820. On the downside, 6650 is near term support level to watch and below that nifty has strong support at 6600.

Source: Finvasia Research

On Monday, Indian equity markets surged above 6700 levels on back of strong dollar inflows. Metal stocks were the outperformer with CNX Metal index surges almost 3.5% on hopes of Chinese stimulus. CNX nifty closed the session 0.12% higher at 6704.20, its sixth consecutive record high closing. Technically, the momentum is strong and Indian equity markets are expected to trade with positive bias till the time it hold 6600 support. On the higher side, nifty has nifty near term resistance at 6730 and above that 6775 is key resistance level to watch. On the downside, 6660 is near term support level to watch and below that nifty has strong support at 6600.

Source: Finvasia Research

On Tuesday, CNX nifty surged to another fresh record high, led by sharp gains in IT heavyweights. Sentiment remained upbeat as foreign investors continued to pump money in domestic equity markets on hopes of brighter economic growth outlook. CNX Nifty settled the session at 6721.05, up by 0.25% from previous closing. Technically, the underlying momentum is strong and nifty is expected to trade with positive bias till the time it holds 6610 as support. On the higher side, nifty will face resistance at 6775 and above that at 6820. On the support side, nifty will take near term support at 6660 and below that at 6610.

Source: Finvasia Research

India equity markets continued to clock record high on back of stronger rupee and inflows from foreign investors, with benchmark indices hitting fresh record high on Wednesday. Gains in pharmaceutical and banking stocks led the benchmark indices to scale new high. CNX nifty settled higher for eighth session with index gaining 0.47% to 6752.55. Technically, the underlying momentum in nifty is bullish, although the nifty has started to consolidate after recent sharp rally. On the higher side, nifty will face resistance at 6775 and above that at 6820. On the support side, nifty will take near term support at 6660 and below that at 6610.

Source: Finvasia Research