CNX NIFTY – TECHNICAL REPORT
Based on Market Closing as on Wednesday October 24,2018

Technical view NIFTY:

Date: 24/10/2018

 Technical Outlook – The last session index opens at 10152.60 point levels with a downward gap. Then the market moved within the trading band 10102 -10220, finally it closed at 10146.80 point level with a net loss of 98.45 points. Technically, the momentum indicators still remain in favor of the bears and the index stays below the short term simple moving average, 5, 15 and 25 days. The index stays in the oversold region on daily and weekly chart and has support at the 10000 -10130 region. Last session the index formed a doji candle on the daily chart near the support level 10130. This candle represents indecision on the side of both buyers and sellers.   If the index holds these support levels, there is a possibility for pullback rally. Avoid short positions below 10130 levels. For the continuation of bearish trend, the index should close below 10000 levels on a weekly basis.  On upside index has resistance at 10300 levels. Above this level 10520 level acts as next resistance for the index.

 Support – Resistance levels 

Short term support levels 10130 -10000 Resistance levels 10300 -10520 (Based on daily chart).  

Intraday support –10100 -10050 - 10000 Resistance levels 10200 -10250-10300.

NIFTY Short term trend:Sideways:

Date: 27/09/2018

 

 The last session index opens at 11145.50 point levels with positive gap. But it failed to continue the momentum and it moves down and marked an Intraday low at 10993 levels. The closing session the index bounced back from the lower level and it finally closed at 11053.80 levels with net loss of 13.65 points. Technically, the RSI and stochastic indicators remain in oversold area and the MACD indicator signals a bearish trend. The index remains below the 5,15and 25 day simple moving averages. Moreover, the index formed a black candle on the daily chart after the previous day’s bullish Harami pattern. This candle indicates that the failure of the bullish trend reversal. Nearest resistance for the index is at the 11100 point level. If the index trade and sustain above this level, the index may test the next resistance level 11240 in the coming day. Otherwise the index will continue the recent down trend in upcoming days also. The lower side, 10865 level acts as nearest support for the index. 

 

 

Support – Resistance levels 

 

Short term support levels 10865 -10600 Resistance levels 11100 -11240. (Based on daily chart).

 

 

Intraday support –11000– 10950 -10900  Resistance levels 11065 -11140-11185                                                                                            

 

 

 

Technical view NIFTY:

Date: 25/09/2018

 

 Technical Outlook – The last session index opens at 10970.00 point levels on a flat note. Then the index moves down and marked an intraday low at 10882.80 levels. But the index bounce back from the lower level and it finally closed at 11067.45 levels with net gain of 100.05 points. Technically, the momentum indicators signals downward bias and the index remain below the 5,15and 25 day simple moving averages. However, the index formed a white candle on the daily chart after the five days of down trend. And this candle looks like bullish Harami pattern. This pattern indicates that the bearish trend is reversing. For confirmation, the coming day the index should trade and sustain above the Harami pattern. Nearest resistance for the index is at 11100 point level. If the index trade and sustain above this level, the ongoing pullback rally will continue today also. The lower side recent low 10865 level acts as nearest support for the index.

 

 

Support – Resistance levels 

 

Short term support levels 10865 -10600 Resistance levels 11100 -11240. (Based on daily chart).

Intraday support –11050– 10965 -10900  Resistance levels 11100 -11165-11220

Technical Report:

Date: 29/09/2017

 The Nifty ended marginally  higher in the last session a net 19.65 points (0.20%) and closed at 9788.60 point level. The market moved in a range of 78.65 points and the sentiment was bullish. Volume decreased substantially in the last session. The momentum indicators and the short term simple moving averages (5,15 and 25) indicates downward bias. However, the nifty remains above the support level 9700 level. If the index holds this support level, a pullback rally can expect in the coming days. Otherwise, index may test the next support level 9485. The Support levels 9700 -9485. Resistance levels 10000 - 10180. (Analysis based on the daily chart)