Daily Nifty Technical Outlook by Finvasia

Nifty might have a gap up opening today and may hit fresh high of 7900 as indicated by the SGX Nifty which is trading 27 points higher at 7899. Global markets have cheered the easing of tensions between Ukraine and Russia. The US Dow, Nasdaq and S&P 500 closed higher by about 1%. European indices also closed higher yesterday, led by the German DAX which was up by 1.70%. In Asia today, except for the Chinese Shanghai, the other markets of Nikkei and Hang Seng are trading higher by 0.92% and 0.30% respectively. Brent Crude prices slipped below $102/barrel as supply concerns eased further as the situation in Iraq seem to be in control. This led to positive sentiment in the Indian markets yesterday as Nifty hit a fresh high and closed at 7874, up by 83 points. Today, Bank Nifty is likely to have another good session which will provide good support to Nifty. Support for Nifty today is seen at 7840 and 7800, and resistance at 7940 and 7980.

Source: Finvasia Research

Nifty might have a weak opening today as indicated by the SGX Nifty which is trading 16 points lower at 7898. Global cues are mixed for the day. The US and European markets closed in the green for another day. Dow, Nasdaq and S&P 500 were all up by around .50%. Most of Asia today is trading in the red. Nikkei and Shanghai are down by 0.05% and 0.15% respectively, while the Hang Seng is up by 0.01%. US Core CPI (MoM) and UK CPI (YoY) came in lower than expected at 0.1% and 1.6% respectively. Investors will be looking for cues from the FOMC meet minutes which will out today. Nifty ended yesterday's session at 7898, higher by 23 points. Today Bank Nifty might see some profit booking as it is close to its near term resistance, which could make the Nifty is little weak. For Nifty, support for the day is seen at 7860 and 7820, and resistance at 7940 and 7980.

Source: Finvasia Research

Nifty today is most likely to open flat but with a positive bias. SGX Nifty trading 4 points higher at 7887 is indicating towards the same. Global cues are mixed for another day. The US Dow and S&P 500 closed higher by 0.35% and 0.27% after FOMC minutes were released, while the Nasdaq closed in the red by 0.03%. In Asia, Japanese Nikkei is trading higher by 0.79% mainly on back of a weaker Yen. Chinese Hang Seng and Shanghai are trading lower by 0.67% and 0.32% respectively as the Chinese HSBC Manufacturing PMI data came in lower than expected at 50.3. In our domestic markets, Bank Nifty may see some more profit booking as PSU Banks look weak. Nifty might trade in a narrow range today. Support for the day is seen at 7840 and 7800, and resistance at 7930 and 7970. Besides that, the metal stocks like Sesa Sterlite and Tata Steel will be in focus today as the Cabinet Committee on Economic Affairs (CCEA) has cleared the increase in royalty for mining.

Source: Finvasia Research

Nifty is expected to open marginally higher amid supportive global cues. Tracking the momentum, the 50 -share index may reclaim 7900 level. The SGX Nifty is trading 4 points higher at 7911, pointing towards the same. On the global front, cues remain positive for the day. The US markets closed higher on hope of dovish commentary from the Fed chairman Janet Yellen and good economic data. The S&P 500 index closed at 1992, hitting a 28th record high for this year. Most of Asian indices today are also trading in the green, with the Nikkei and Hang Seng up by 0.08% and 0.24% respectively, but the Shanghai is down by 0.16%. The German Manufacturing PMI and Services PMI came in higher than expected at 52.0 and 56.4 respectively, which was cheered by the German DAX as it closed higher by 0.94%. RBI in its report said that it sees FY15 GDP between 5-6%, and that the 8% retail inflation target is achievable. PSU banks would be in focus today as well as they saw good buying interest yesterday. Nifty today as well like yesterday might trade in a narrow range most part of the day. Support for the day is seen at 7850 and 7800, and resistance at 7940 and 7980.

Source: Finvasia Research

Today on the first day of the expiry week, Nifty will possibly open in the red. The SGX Nifty which is trading 14 points lower at 7918 is pointing towards the same. Weak global cues might also be a negative for our domestic markets. The US DOW and S&P 500 closed in the red as Janet Yellen, chairman of the US Fed sounded a bit hawkish in her commentary and hinted towards a sooner than later rise in interest rates. In Asia as well, Hang Seng and Shanghai are trading lower by 0.52% and 0.66%. The Japanese Nikkei though is up by 0.20% mainly because of a weaker Yen. All major European indices close lower as tension between Ukraine and Russia escalated. Today the Gas stocks will be in focus as the Oil ministry has said that secretaries panel has been formed on gas price revision and all stakeholders will be consulted on that regard. On Friday Nifty had a good session of trade as it managed to close above 7900 for the 1st time. But tracking global cues today, Nifty might have a weak session of trade. Support for the day is seen at 7880 and 7840, and resistance at 7950 and 7990.

Source: Finvasia Research

Nifty today is likely to open flat but with a negative bias as indicated by the SGX Nifty which is trading 4 points lower at 7913. Global cues remain mixed for the day as the US and European markets ended in the green but the Asian indices are trading lower today. The US S&P 500 hit 2000 in intraday trade and closed at 1998, up by 0.48%, while the DOW and Nasdaq ended higher by 0.45% and 0.41%. Meanwhile, the Japanese Nikkei and the Chinese Hang Seng and Shanghai are trading lower by 0.40%, 0.13% and 0.15% respectively. Nifty yesterday in trade hit another all time high of 7967 but closed marginally in the red at 7906. Metal stocks saw heavy selling pressure as the Supreme Court ruled that all coal block allocations since 1993 are illegal. Today Bank Nifty may also be under some bit of pressure as some of the PSU Banks have exposure to Power and Metal companies affected by the SC ruling. Nifty might have another volatile session of trade today. Support for the day is seen at 7860 and 7820, and resistance at 7960 and 8000.

Source: Finvasia Research

Nifty today may continue its move above 7900 as indicated by the SGX Nifty which was seen trading 25 points higher at 7936. On the global front, the US DOW hit an all time high and the S&P 500 closed above 2000 for the first time. The Nasdaq also ended higher by 0.30%. The positive sentiment was lead by a positive CB Consumer Confidence data which came in at 92.4 and an unlimited ceasefire between Israel and Gaza. The European markets also ended in the green on the hopes of further stimulus by the ECB to boost the economy. Meanwhile in Asia, Nikkei and Shanghai are trading higher by 0.03% and 0.13%, but Hang Seng is lower by 0.02%. Nifty yesterday opened gap down but managed to close flat at 7905 after a highly volatile session of trade. PFC, REC AND NHPC to be in focus as the Power and Finance Minister will meet to discuss about a possible stake sale. Today the Bank Nifty today might trade with a positive bias which may lend support to the Nifty. Support for Nifty is seen at 7860 and 7820, and resistance at 7960 and 8000.

Source: Finvasia Research

Today on F&O expiry day, Nifty might open in the flattish to slight positive terrain. The SGX Nifty is trading 18 points higher at 7955, pointing towards the same. On the global front, the US markets closed flat in trade as the investors were cautious ahead of the GDP (QoQ) data due to be released later today which is expected to come at 3.9%. Most of the European markets closed in the green. The German Unemployment Change data is due today which is expected to come at -5K vs. -10K. Today in Asia, the Japanese Nikkei is trading lower by 0.52%, but the Chinese Hang Seng and Shanghai are trading higher by 0.35% and 0.11% respectively. Meanwhile in our domestic markets, NHPC, ONGC and CIL will be in focus as the stake sale decision has been deferred by the Government. In a negative development for DLF, the SC has directed it to pay a 630 crore fine. The Bank Nifty is likely to trade with a positive bias for another day, lending support to the 50 share index Nifty which can make another attempt towards 8000. For the day, support for Nifty is seen at 7900 and 7860, and resistance at 7980 and 8020.

Source: Finvasia Research

Nifty is likely to open on a positive note today. The SGX Nifty closed 40 points higher on Friday, and today is trading flat at 8032. Global cues are positive for the day. The US markets closed higher on Friday with the Dow, Nasdaq and S&P 500 up by 0.11%, 0.49% and 0.31% respectively. European markets also closed positive but the investors will look out for cues from the ECB review on Thursday. Tension between Ukraine and Russia remains escalated. Asia today is also trading in the green, with Japanese Nikkei up by 0.28% and the Chinese Hang Seng and Shanghai higher by 0.14% and 0.35% respectively. The Chinese Manufacturing PMI though has come in lower than expected at 51.1 which could be a negative for our domestic metal stocks today. Apart from that, the SC ruling on coal block allocation is due today which could severely impact stocks like JSPL and Hindalco. Meanwhile in a big positive, Q1 FY15 GDP came in at 5.7%, highest in two years. Manufacturing sector grew at 3.5% and vs. a contraction of 1.2%. On Thursday, Nifty ended the trading session higher by 0.23%. Bank Nifty trading with a positive bias today will provide support to the Nifty along with the good GDP number to continue its move towards 8000. Support for Nifty for today is seen at 7910 and 7870, and resistance at 8000 and 8040.

Source: Finvasia Research