Daily Nifty Technical Outlook by Finvasia

Once again, the bears entered the market and led CNX Nifty to break all its support levels to close at 5980, above the key level of 5950.

Nifty, if breaks its immediate support of 5960 it may head towards the 5920 levels, which is its 20 EMA as well.

If NSE Nifty will sustain above the support area of 5960-5970 we might see a pullback rally with 6038 as the immediate resistance and moving above that we might see the second resistance at 6080 levels.

Source: Finvasia Research

Yesterday, Nifty Fifty closed below the key level of 6000 at 5995.40 after testing the support at 5968.25. The benchmark index broke the 9 EMA at 6009 but failed to sustain above that.

Nifty if moves on the downside, can face the major support at 5968 and braking below that we may see sustainable support near 5920.

On the upside, if the fifty share index rallies, it can test the first resistance at 6038 and any crossover above that, we may see Nifty heading towards 6080 levels.

Source: Finvasia Research

Nifty 50 broke the YTD highs and closed at 28 months high today, indicating that the bulls are strong in the market.

If the Bulls continue with their hunger, can take Nifty to 6183 levels and further breaking over that we may see index heading towards 6210 levels.

On the contrary, if Nifty breaks below the minor support of 6107, we may see some weakness emerging and bears entering the market.

On the downside, Nifty will see 6080 as the major support and breaking below that we may see it testing 6038 levels.

Source: Finvasia Research

Nifty Fifty yesterday after testing its resistance of 6183 closed 0.38% higher at 6169. If Nifty continues with the uptrend we will see it testing the immediate resistance near 6180 and moving above that we may see nifty stepping to 6210 levels. On the downside, Nifty has a minor support at 6107 and below that it may see 6080 and 6030 levels as major support.

Source: Finvasia Research

Nifty 50 in yesterday’s session convincingly traded below 6140 levels and closed at 6114.10. Nifty is forming the head and shoulder pattern in intraday charts and if the benchmark index breaks the 6110 levels decisively, we may see it correcting to 6020-6040 levels.

On the upside 6180 acts as the major resistance and if nifty breaks that we will see the bullish trend once again in the market and the next resistance will be seen at 6220.

On the downside, the immediate support lies near 6110 and breaking under that, we may see bearish move to 6080 and 6030 levels.

Source: Finvasia Research

CNX Nifty in yesterday’s session tested the key level of 6140 and dropped to close below the key support of 6110 at 6094.50.

If the benchmark index continues with the correction, we may see it breaking the immediate support at 6080 and if it breaks this support, we will see further weakness coming in the market with the next support at 6038.

If Nifty moves on the upside, we may see the first resistance at 6120 and moving above that we will see bulls entering once again in the market and taking the index to next resistance level of 6180.

Source: Finvasia Research

NSE Nifty in yesterday’s session stabilized near the major support of 5960 and near low point of the day at 5967, extending the previous corrections.

The immediate major support is at 5960 and further the 5945 is the crucial level, which is 61.8% Fibonacci retracement as well.

If Nifty breaks this range of 5930 to 5960, we will see more weakness in market with index testing 5850 levels. But, if nifty stabilizes near yesterday’s closing level, we may see a reversal in the downtrend and index testing the immediate resistance at 6000 following which, we will see some strength in the market with nifty testing 6038 and 6080 levels.

The 6080 levels will act as the important resistance levels and we may not see the benchmark index going above these levels.

Source: Finvasia Research