Daily Nifty Technical Outlook by Finvasia

Nifty fifty ended a lackluster session yesterday on a flat note at 5685.40. The fifty share index is expected to consolidate in this range but if it breaks on the upside, we may see key resistance at 5720 and above that the uptrend will be pushed towards 5760 level. If nifty breaks the range on downside which it is expected to, the benchmark index will test the immediate key support at 5560 and a break below that will pull it towards 5500 levels.

Source: Finvasia Research

CNX Nifty marched on the bearish path yesterday and closed 2.52% lower at 5542.25. If nifty rebounds from here, we may see it testing immediate resistance at 5560. However, if it crosses this mark decisively, we will see it testing 5670 mark. If Nifty continues with its bear trend, we will see it taking key support at 5500 and bursting below that will lead it towards 5475 levels on the downside.

Source: Finvasia Research

CNX Nifty extended losses and closed at 5519.10. If nifty continues with the downtrend, we will see it testing key support at 5500. If nifty breaches this level and sustains below, it will taking next support at 5475. On the upside, nifty faces immediate resistance at 5560 and a significant crossover above that will take the fifty share index towards 5670 level.

Source: Finvasia Research

CNX Nifty closed higher at 5565.65 in Thursday’s trading session. If nifty continues with the uptrend, we will see it taking resistance at 5610 level and breakout from this level may take the fifty share index towards 5670 level. On the down side, nifty faces immediate support at 5520. If nifty breaches this level and sustains below, it will taking next support at 5475. In the last trading session, Nifty index has formed “Bullish Engulfing” pattern on daily chart and indicates that above 5477 level we may not see selling pressure.

Source: Finvasia Research

Nifty fifty ended the volatile trading session in positive terrain yesterday at 5612.40. If nifty retreats from here, we will see it taking immediate support at 5560 levels. If it breaks below that decisively, we will see it testing key support of 5500. However, if fifty share index continues with its upward journey we will see it testing immediate resistance at 5670 and a crossover above that may lead it towards 5720 levels.

Source: Finvasia Research

Nifty followed the bull rally yesterday and closed slightly below key physiological level of 5700 at 5699.30. Going ahead, if nifty extends its upward trend, we will see it testing 5760 levels as immediate resistance and if it crosses that level decisively, we will see it moving towards 5820 levels. However, if the fifty share index takes u-turn from here, we will see it taking key support at 5670 and after that at 5560.

Source: Finvasia Research

CNX Nifty ended Wednesday’s trading session in a positive terrain and near the highs of the day at 5742.75 being 0.75% up. If nifty extends its uptrend today, we will see it taking immediate resistance at 5760. Further, if the rally continues we will see it marching towards 5820 levels. However, if nifty reverses from here, we will see it testing 5670 as key support and a break below that will take it towards 5560 levels.

Source: Finvasia Research

CNX Nifty continued to slide for second straight session and broke its bearish haraami trend. It broke the major support of 5450 and slipped further below 5400 mark. Nifty recovered some of the losses and closed 1.64% down at 5414. If bears continue with selling in market, we will see nifty taking major support at 5330. If it breaches further, it will take support at 5210 levels. However, if nifty bounces back from here, its immediate resistance area is 5480 to 5500 and if it decisively breaks that, we will see it leading towards 5560 levels.

Source: Finvasia Research