Daily Nifty Outlook Technical Report

Research_4u

New member
MARKET SUMMARY:
The Indian equity benchmark index nifty continues its losing streak for fourth consecutive day as weak IIP data and accelerated CPI data pain out. The day was started gap down due to weak data and weakness continued for the entire day on the back of selling by FII after a long time where nifty surrenders important level of 6200 and closed below it which dampened the trader’s sentiment; at the nifty closed at 6168 mark with cut of 1.1%.

Daily Market Trend :

Daily Nifty Levels -
R1: 6180 R2: 6210 R3: 6230
Pivot: 6180 S1: 6150 S2: 6120 S3: 6090

CHART FORMATION:

  1. Nifty witnessed breakdown of up sloping trend line support of 6200 mark and closed below this.
  2. Nifty has immediate support in 6150-6120 zone.
  3. On weekly chart nifty witnessed bearish engulfing candlestick formation from upsloping trend line resistance.
  4. 61.8% retracement from low of 5972 to high of 6415 is placed at 6140 mark.
  5. 20-day EMA is placed at 6200 mark while 50-day SMA is placed at 6140 mark.



[Source : marketresearchtips4u.blogspot.in ]
 

Research_4u

New member
MARKET SUMMARY:
It was a very disappointing session on dalal street after yesterday%u2019s Raghuram rajan boost to bulls. The day was started with gap up on the back of rally in global market but nifty slides sharply from day%u2019s high due to worry about FII outflow; where nifty pared most of its yesterday gain and slipped to 6150 mark. At the end nifty closed at 6166 mark with cut of 0.8%u0025.

Daily Market Trend
Daily Nifty Levels R1:6200 R2: 6230 R3: 6260
Pivot: 6195 S1: 6145 S2: 6120 S3: 6070



CHART FORMATION:

Nifty fails to follow yesterday bullish engulfing candlestick formation.
While nifty is giving follow up of bearish engulfing candlestick formation on weekly chart.
Nifty is moving in an upsloping channel formation where 6100 is upsloping trendline support.
50-day SMA is placed at 6160 while 20-day EMA is placed at 6190 mark.



TECHNICAL INDICATORS:

Momentum indicator RSI slipped from 50 mark while stochastic is still showing upside bias.
CCI is trading at -48 mark while MACD is placed at 22 mark.



STRATEGY FOR TRADERS:
Nifty is showing weakness where 6120 is support to watch out; but trend is week where traders are advised to sell on rise near 6195 mark with stop loss of 6210; mark any closing above 6200 mark will be a positive signal.
 

Research_4u

New member
MARKET SUMMARY:

A range bound and last trading session of the week ends on firm note. The day was started on optimistic note and remains positive but range bound for the entire trading session. Nifty manages to breakout 6320 resistance mark but closed below this; market is crawling but heading northwards which is a relief point for the bulls; at the end nifty closed at 6313 mark with gain of 0.56%.

Daily Market Trend
Daily Nifty Levels R1: 6342 R2: 6373 R3: 6415
Pivot: 6310 S1: 6300 S2: 6260 S3: 6230

CHART FORMATION:

Nifty has come out from 6250-6320 trading zone but closed below 6320 mark.
Nifty manages to hold horizontal support line placed at 6160 mark on intraday basis.
Nifty is moving in an upsloping channel formation where 6120 is upsloping trendline support while 6450 is upside resistance.
50-day SMA is placed at 6183 while 20-day EMA is placed at 6227 mark.

TECHNICAL INDICATORS:

Momentum indicator RSI and stochastic both are positively poised.
CCI has moved above 100 mark whereas MACD trading at 35 mark.

STRATEGY FOR TRADERS:

Nifty has trading zone of 6250-6320 mark; but nifty is likely to come out of this range and likely to head towards 6400 mark once again; intraday traders are advised to take long position with stop loss at 6290.
 
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