Daily Nifty Technical Outlook by Finvasia

Nifty is likely to get off to a soft start today tracking the weakness in the Asian markets. The SGX Nifty is trading lower by 33 points at 7957. Hang Seng and Shanghai are also down by 0.79% and 0.21%. Nikkei though is higher in trade by 1.02% mainly on back of a weaker Yen. The US markets yesterday closed higher after the Fed decided to keep the interest rates lower for a considerable period of time after the end of its QE program. The European indices also closed higher on back of positive sentiment. The positive sentiment is likely to be passed on to the emerging markets like India as the outcome of the FOMC meet is seen as a positive. Nifty is likely to see a recovery possibly in the latter half of trade or maybe tomorrow with support from the Bank Nifty. Support for Nifty for the day is seen at 7940 and 7900, and resistance at 8020 and 8050.

Source: Finvasia Research

The 50 share index Nifty is expected to start off the day on a flattish note but in the positive terrain. The SGX Nifty trading 4 points in the green at 8132 is pointing towards the same. Global equities had a great run yesterday and there was a sea of green everywhere to be seen. The US markets of Dow, Nasdaq and S&P 500 closed higher by about 0.50% as investors turned bullish after the Fed statement. The European indices also closed with good gains after the ECB made an announcement regarding how it will make key decisions in the future. Asia today is trading mixed after some of the indices gave up the initial gains. The Japanese Nikkei trading at 16,302 has made a fresh 2014 high. In our domestic markets, Nifty might take a bit of breather today after the massive rally yesterday of 1.75% but is expected to trade with a positive bias. Support for Nifty for today is seen at 7980 and 7950, and resistance at 8150 and 8180.

Source: Finvasia Research

Nifty is likely to start the expiry week on negative note with a possible downtick of about 50 points as indicated by the SGX Nifty which is trading lower by 0.70% at 8069. The US indices on expiry day closed mixed with the Dow ending higher by 0.08% while Nasdaq and S&P 500 closed lower by 0.29% and 0.07% respectively. The US existing Home Sales data will be released later today. The European indices started Friday’s session on a positive note after Scotland voted for ‘no’ but gave up most of the gains to close flat. Asia today looks a sea of red as Nikkei, Hang Seng and Shanghai are lower in trade by about 1%. In a positive development, G20 has promised to boost global GDP by $2 trillion. In our domestic market, Nifty on Friday closed higher by 0.08%. Bank Nifty is likely to see some profit booking today and Nifty as such is likely to trade weak ahead of expiry on Thursday. Support for Nifty for today is seen at 8050 and 8000, and resistance at 8160 and 8200.

Source: Finvasia Research

Today Nifty is likely to have another weak opening amid global equitiy sell off. The closest correlation to Nifty, the SGX Nifty is trading lower by 40 points at 7947. Investor sentiment remained dampened as the US indices closed with losses of more than 1.5% after Apple shares tumbled and the USD hit a four year high. The European markets also ended heavily in the red after escalating tensions between Ukraine and Russia. Today morning Asian markets are also trading negative with Nikkei and Hang Seng lower by about 1%. Our markets faced heavy selling pressure as Nifty and Sensex closed down by more than 1%. Nifty is likely to trade weak today as well with lack of support from the Bank Nifty. Support for Nifty for the day is seen at 7850 and 7800 and resistance at 7950 and 8000.

Source: Finvasia Research

Nifty is likely to start the trading week on a negative note today. The Singapore Exchange Nifty trading higher by 17 points at 7943 from Monday’s close though it traded negative on last Thursday when Nifty was closed. On the global front, cues are mixed for the day. The US markets closed in the red yesterday as investors seemed cautious ahead of the start of the earnings season on Wednesday and FOMC meet outcome later this week. The Europeans markets closed higher yesterday but gave up some of their gains after German Factory Orders came in much lower than expected at -5.7%. Today UK will report its Manufacturing Production for the month of August. Asia today is trading with a slight positive bias with Nikkei and Hang Seng higher by in trade by 0.04% and 0.24% respectively. Shanghai market is closed on account of a holiday. Nifty on Wednesday closed lower by 0.24%. For today, support for Nifty is seen at 7900 and 7850, and resistance at 8000 and 8050. Meanwhile, separate surveys done by FICCI and CII have shown that business confidence among corporate is surging high.

Source: Finvasia Research