Daily Nifty Technical Outlook by Finvasia

CNX Nifty ended yesterday’s session near its support at 6083.15 breaking the major resistances. Nifty after hovering near the resistance of 6038 for hours broke the level to move ahead.

If today Nifty continues the uptrend, we may see it taking some breathe at 6112 levels and crossing above that, we may see it heading towards 6180.

On the downside the 50-share index will face the strong support at 6038 and breaking below that, we may see nifty testing the key level of 6000 as support.

Source: Finvasia Research

NSE Nifty ended the yesterday’s session at 6111.2. Going further, nifty is expected to consolidate here in near term but the 50 share index is likely to remain volatile ahead of derivatives expiry on Thursday.

If the bulls will take hold of the market, the benchmark index will be extended to the resistance of 6180 and moving above that, it may test the 6210 levels.

If nifty corrects from here, we will see it taking support at 6080 and breaking below that, it may test the 6030 levels.

Source: Finvasia Research

CNX Nifty ended the last session at 6104. On the upside 6110 will act as an important resistance and if nifty breaches it on the upside, it will push nifty to the highs of 6180 levels.

On the downside 6080 remains the support and a breach in it will push nifty to 6040 levels. If nifty breaks the 6040 levels we might further short bets pushing the indices lower.

Source: Finvasia Research

NSE Nifty after the volatile session ended the day at 6124.05 on positive note indicating intent to follow uptrend. Further upside may be paused at 6180 and if it breaches this level we will see nifty moving above 6200 and taking resistance at 6210.

Nifty may take a breather and test its immediate support at 6112 but if the bears enter the market, we will see the fifty share index testing 6060 levels and 6000 levels as support.

Source: Finvasia Research

CNX Nifty ended Friday’s session at 5985.9 breaching the key support levels of 6030 and 6000. If Nifty follows the uptrend, it will see immediate resistance in the 6040-6060 area and crossover that will bring bullishness in the market and take nifty towards 6110 levels.

On the downside, 5970 is the immediate support and breach of that will seep in bearishness in market and can drag the index lower to 5930 and 5850 levels.

Source: Finvasia Research

CNX Nifty yesterday broke the key support levels and settled above the support of 5930 at 5939.30. The 50 share index is expected to show some more weakness and test the immediate support at 5930 and busting below that we will see it testing 5850 levels and the downtrend can continue till 5750.

If bulls enters the market once again, we may see Nifty taking immediate resistance at 5960 and if continues the uptrend we will see the benchmark testing 6000 and 6038 levels.

Source: Finvasia Research

NSE Nifty broke the crucial support of 5930 and ended the session at 5919.45. The benchmark index has broken the head and shoulder pattern and we may see the further downside till 5700 in the near term.

Nifty may test the immediate support on the downside at 5896 which is 100 DMA as well. Breaking of this key support level will drag the benchmark index towards 5850.

If Nifty rebounds from here, we will see the index testing the major resistance at 5930 and crossover that 5980 is the next resistance to be faced.

Source: Finvasia Research

Nifty Fifty broke its 100 DMA but recovered to close above 5900 at 5923.85. Nifty will continue with bearishness in the coming days and we will see the fifty share index testing 100 DMA at 5896 and below that we will see 5850 levels coming in.

However, if Nifty moves on the upside, which will be a rare instance, we may see it testing immediate resistance at 5930 and above that it may test the 5980 levels.

Source: Finvasia Research

CNX Nifty broke the resistance of 5930 but could not sustain above that and closed at 5921.40. Nifty is moving in a range and we may see it breaking on the downside. Nifty if breaks on the downside will see 5896 as immediate support and below that it may breathe near 5850 levels; however if nifty breaks on the upside we will see the index kissing 5930 levels and above that the bulls will push it to 5980 levels.

Source: Finvasia India