Daily Nifty Technical Outlook by Finvasia

Nifty today is likely to open with a slight positive bias and then may head higher. The SGX Nifty is trading comfortably above 8100 with another gain 8 points this morning. On the global front, cues remain mixed. In US, Dow and S&P 500 ended lower by 0.18% and 0.07%, while the Nasdaq closed higher by 0.39%. The US ISM Manufacturing PMI came in higher than expected at 59. Most of European markets also closed in the green yesterday. The investors though remained cautious ahead of the ECB meet tomorrow. Asia today is trading well in the green with the Nikkei, Hang Seng and Shanghai higher by 0.83%, 0.99% and 0.66% respectively. In our domestic markets, Nifty and Sensex yesterday hit all time intraday high of 8100 and 27000 respectively. Support for Nifty today is seen at 8040 and 8000, and resistance at 8120 and 8160. HSBC Services PMI data is dues to come out today.

Source: Finvasia Research

Nifty today will possibly have a negative opening and 8100 might get taken out in early trade. The SGX Nifty is trading 31 points lower at 8115. The global markets are giving mixed cues. In the US yesterday, the S&P 500 and Nasdaq closed lower by 0.06% and 0.55% respectively, while the Dow closed higher by 0.06%. The US ISM Non Manufacturing PMI is due later today. The European markets closed higher on hopes of peace between Ukraine and Russia. The investors will look for cues from the crucial ECB meet today. In Asia today, Nikkei and Hang Seng are lower in trade by 0.15% and 0.23%, but Shanghai is trading flat with a gain of 0.02%. In our domestic markets, Nifty yesterday closed above 8100 for the first time. Bank Nifty is likely to see some profit booking today and as such Nifty may take a pause in its up move. Support for Nifty today is seen at 8050 and 8000, and resistance at 8150 and 8200. In stock specific action, Axis Bank, ITC and L&T will in focus today as the Government is planning stake sale via a new ETF.

Source: Finvasia Research

Nifty today is expected to open on a flat note as indicated by the SGX Nifty which is trading 6 points lower at 8129. On the global front, cues remain mixed for another day. The European markets ended higher after ECB surprised everyone by reducing the benchmark rate to 0.05% from 0.15%. The US markets started in the green but ended the session in the red as energy stocks declined. The US ISM Non Manufacturing PMI came in higher than expected at 59.6. The US Non Farm Pay Rolls and Unemployment data will be released today. In Asia today, Nikkei and Shanghai are trading higher by 0.10% and 0.44% respectively, while Hang Seng is lower by 0.13%. In our domestic markets, Nifty ended its gaining streak and ended the session lower by 19 points at 8096. Nifty today is likely to trade in a narrow range for most part of the day. Support for the day is seen at 8050 and 8000, and resistance at 8150 and 8200. Bank Loan Growth and FX Reserves data will be released later today.

Source: Finvasia Research

Tracking the global cues, Nifty today is likely to have a gap up opening. The SGX Nifty trading 30 points higher at 8138 is pointing towards the same. The US markets closed higher on Friday with the Dow, Nasdaq and S&P 500 up by 0.40-0.52% even after a poor jobs data. The sentiment was boosted by a ceasefire agreement between Ukraine and the pro-Russian rebels. The European markets closed mixed. In Asia today, the Japanese Nikkei is trading higher by 0.17% even though the GDP (YoY) came in lower than expected at 7.1%. Hang Seng is down by 0.46% in trade. The Chinese markets are closed on account of a local holiday. The Chinese Trade Balance came in higher than expected at 49.83B. Bank Nifty is likely to trade with a positive bias as it ruling close to its near term support. Nifty is also expected to remain positive today though the next trigger for the markets could be the SC coal block hearing and the economic data due this week. Nifty ended the last trading session lower by 0.11%. Today, support for Nifty is seen at 8050 and 8000, and resistance at 8140 and 8180.
Source: Finvasia Research

Nifty today is expected to have flat opening with a positive bias as indicated by the SGX Nifty which is trading 3 points higher at 8193. Global equities are giving mixed cues today. The US markets closed off their highs as the energy stocks declined, and only Nadaq ended the session higher. Same was the case in Europe as well where only the German DAX was positive in trade. Today in Asia, the Japanese Nikkei is higher for another session mainly on back of a weakening Yen. The Chinese Shanghai though is trading lower by 0.02%. In our domestic markets, Nifty yesterday closed higher by 1.08%. Today, the Bank Nifty is expected to trade in a narrow range but with a positive bias and same is the view for Nifty. Support for Nifty for the day is seen at 8130 and 8080, and resistance at 8220 and 8260. In a positive for the markets, the Finance Ministry has told Moody's that the Government will meet the FY15 Fiscal Deficit target of 4.1%. The investors today will cautiously wait for the SC coal block ruling, and Hindalco and JSPL will be hit the most in case of a negative ruling.

Source: Finvasia Research

The 50 share index Nifty is likely to trend lower today tracking negative global cues. SGX Nifty trading 39 points lower at 8139 is indicating towards a gap down opening for Nifty. Equities faced heavy selling in US and Europe as the major indices closed well in the red. Investors remain cautious ahead of the Fed meet scheduled on 26 September. Today in Asia, Nikkei and Shanghai are also down by 0.36% and 0.37% respectively. In our domestic markets, Nifty yesterday closed lower by 0.26%. Bank Nifty is likely to see some more profit booking today which will put some pressure on Nifty. Support for the day for Nifty is seen at 8100 and 8050, and resistance at 8200 and 8250. ICICI Bank will be in focus today as it board has approved a stock split of each equity share of face value Rs 10 into shares of Rs 2 each. SAIL will also be in focus as the Government is planning to divest its 5% stake this month. Yesterday SC had reserved its ruling on coal block allocation as the fate of 218 illegal coal blocks hangs in the balance.

Source: Finvasia Research

Nifty today will possibly have a flat opening taking cue from the SGX Nifty which is trading 4 points lower at 8129. The US markets turned positive after a 2 day sell off with the Dow, Nasdaq and S&P 500 closing higher by about 0.50%. Europe closed mixed yesterday with the FTSE 100 being higher by 0.01% and the DAX lower by 0.11%. Asia today is trading in the green. Nikkei is higher for the 5th straight session. Hang Seng and Shanghai are also up by 0.07% and 0.50% respectively. Chinese CPI (YoY) data has come in lower than expected at 2%. In our domestic markets, Nifty is likely to trade in a narrow range but a minor bounce back cannot be ruled out. Support for Nifty for the day is seen at 8050 and 8000, and resistance at 8150 and 8200. Meanwhile ONGC, CIL and NHPC will be in focus as the cabinet has cleared a 45000cr OFS.

Source: Finvasia Research

Nifty is expected to have a flat opening with a slight negative bias taking cue from the SGX Nifty which is trading 7 points lower at 8110. The US markets closed mixed yesterday as Initial Jobless Claims came in higher than expected at 315K. The Retail Sales numbers are due today. The European markets closed in the red as fresh sanctions were issued against Russia. Asia today is trading mixed with Nikkei and Shanghai higher by 0.39% and 0.27% respectively, and Hang Seng lower in trade by 0.17%. In our domestic markets, Nifty yesterday closed lower by 0.10%. Today Nifty is expected to trade in a narrow range but volatility could continue. Support for the day is seen at 8040 and 8000, and resistance at 8120 and 8170. IIP is expected to fall to 1.7%, and CPI is also likely to soften a bit to 7.7%.

Nifty is likely to open with a negative bias today again tracking weak global cues. The SGX Nifty trading 20 points lower at 8039 is pointing towards the same. US and European markets had a weak trading session on Monday with most indices closing in the red. Today, Asia is also trading in the negative terrain with Nikkei and Shanghai lower by 0.33% and 0.39% respectively. In our domestic markets, the 50 share index Nifty yesterday closed lower by 64 points. Positive macro data was released yesterday as WPI (YoY) fell to 3.74% from 5.19%, and Trade Deficit reduced to $10.83bn in August. Bank Nifty is likely to trade in a narrow range today while the Nifty might trade with a negative bias for most part of the day. Support for Nifty for the day is seen at 8000 and 7950 and resistance at 8100 and 8150. Yes Bank will be in focus as the FII buying limit in the stock has been reached and it will be deleted from the MSCI Index.

Source: Finvasia Research