Daily Nifty Technical Outlook by Finvasia

On Wednesday, Indian equity markets had a roller-coaster ride before ending in negative terrain for fourth consecutive session. Profit booking as poll result day draws closer and rising geopolitical tensions in Ukraine led the index lower. All the sectoral indices settled in red with banking and capital goods were the worst performer for the day. The 50-share index settled 0.30% lower at 6696, the lowest settlement in last 2 weeks.Markets were closed on Thursday on account of May Day. Going ahead, nifty is expected to trade with volatility as major event of election result day comes nearer. Investors also looked ahead to US monthly employment data due to release today, which will set the tone in markets. On the resistance side, nifty will take immediate resistance at 6745 and above that at 6780. On the support side, nifty will take support at 6660 and below that at 6610.

Source: Finvasia Research

On Friday, Indian equity markets failed to hold on to early gains and ended marginally lower, as investors continued to book profits in recent front-runner stocks. CNX nifty settled 0.02% lower at 6694.80, its fifth negative closing. For the week, the 50-share index registered a loss of 1.30%, the biggest weekly drop in last three months. Sentiments remained broadly cautious as market participants await the outcomes of elections on 16th May. Going ahead, markets are expected to remain in volatile with elections result and situation in Ukraine to remain in focus. On the resistance side, nifty will take immediate resistance at 6745 and above that at 6780. On the downside, nifty has strong support at 6660 and below that at 6610 which is key support level to watch.

Source: Finvasia Research

On Monday, Indian equity markets snapped its five days losing streaks to end marginally higher. Blue-chip stocks recovered on value buying after Nifty had fallen 1.30% last week, although sentiments broadly remained cautious ahead of conclusion of elections this month. The CNX nifty ended the session 0.07% higher 6695.35, first gains in last six trading sessions. Going ahead, markets are expected to remain volatile as election outcomes draws nearer. On resistance side, nifty will take immediate resistance at 6745 and above that at 6780. On the downside, nifty will find support at 6660 and below that at 6610 which is key support level to watch.

Source: Finvasia Research

On Tuesday, Indian equity markets ended higher in a lackluster trading session, as investors remained cautious ahead of election results lined up to be announced next week. Renewed buying interest in index heavyweight RIL, ICICI Bank & ITC pulled the benchmark indices higher. The 50-share index ended 0.25% higher at 6715.30, gaining for second straight session. Going forward, markets are expected to trade with caution as polls result draws nearer. On resistance side, nifty will take immediate resistance at 6745 and above that at 6780. On the downside, nifty will find support at 6660 and below that at 6610 which is key support level to watch.

Source: Finvasia Research

Indian markets dropped nearly 1% on Wednesday to its lowest level in last six weeks, as software stocks tumbled after UBS downgraded the Infosys from “buy” rating to “sell”. Global sentiments were weak due to developments in Ukraine, which also weighed on markets. CNX nifty ended the session 0.93% lower at 6652.55, its first loss in last three sessions. Going ahead, domestic election results will play a major role for near term trend in the markets. On the support side, nifty will take immediate support at 6625 and below that at 6575. On the resistance side nifty will face immediate resistance at 6690and above that at 6725.

Source: Finvasia Research

On Thursday, Indian equity markets witnessed another session of lackluster trading as market participants booked profits at higher level ahead of election result outcome next week. The market had optimistic start for the day amid positive global cues after US fed reconfirmed its commitment to support for the economy. However, market gave up most of its intraday gains in second half of session, led by profit booking in index heavyweights ITC, Bharti Aritel and BPCL. CNX settled for the session at 6659.85, up by 0.11% from its previous closing levels. Sentiments remain cautious as elections result day draw closer. The exit poll results will be out on Monday post market and election results to be declared on next Friday. On the up side, nifty will take immediate resistance at 6690 and above that at 6730. On the down side, nifty will take immediate support at 6625 and below that at 6575.

Source: Finvasia Research

Indian equity markets surged to fresh record high last week, as investors placed bets on expectations of stable government coming to power after the election result will be announced on May 16th. The market had flattish start on Friday amid mixed global cues. After flattish start, Indian markets inched higher throughout the session as market participants placed bullish bets ahead of exit polls on Monday. CNX nifty surged 3.09% to close at 6865.95, the fresh record high settlement. The volatility index VIX, rose to 37.70, its highest level in last four and half years. Going ahead, markets are expected to remain volatile this week due to election results outcome. It is advisable to remain cautious and trade with fixed stop losses. On the resistance side, nifty will take immediate resistance at 6900 and if it breaches this level, the next level to watch is 7000. On the downside, nifty will take immediate support at 6820 and below that at 6775.

Source: Finvasia Research

Indian equity markets got off to a flying start to end at fresh record high on Monday. The final phase of polls for 41 constituencies completed on Monday and election result to be announced on May 16th. Market participants remained buyers of domestic stocks on anticipation that Narendra Modi led BJP coming to power after conclusion of general election. CNX nifty surged 2.27% to settle at 7014.25, the new record high settlement. Technically, nifty surged to fresh record high and is trading in uncharted territory. Markets are expected to trade with optimistic stance till the time it trades above 6850-6900 zone. Investors can consider going long in the market with pre-defined stop losses as market would remain volatile this week ahead of elction outcome. On resistance, nifty will take immediate resistance at 7110 and above that at 7195. On the support side, immediate support level to watch is 7000 and breach below this level may trigger profit booking in the market. The second support level to watch is 6880.

Source: Finvasia Research

Benchmark indices settled at fresh record high for third straight session after exit polls showed that Narendra Modi led BJP is set to form government. CNX nifty ended up 1.35% at 7108.75, with nearly 7% gains in last three sessions. Technically, nifty is scaling new high everyday on continued buying from market participants ahead of election results on May 16th. The upside momentum would remain intact till the time it trades above the range of 6980-7000 and breach below this level would trigger profit booking in the markets. On resistance, nifty will take immediate resistance at 7170 and above that at 7215. On the support side, immediate support level to watch is 7060 and below that nifty will take support at 6980.

Source: Finvasia Research