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Technical Outlook

Equity benchmarks concluded Weekly derivative expiry session on a positive note amid firm global cues. Nifty concluded Thursday’s sessions at 14725, up 107 points or 0.7%. In the coming session, index is likely to open with a positive bias tracking buoyant global cue. We expect index to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 14795-14825 to create long for target of 14912.The index has decisively closed above previous session's high (14638) after four session’s corrective move, indicating rejuvenation of uptrend that makes us believe, Nifty would resolve higher towards upper band of consolidation placed at 14900 in coming sessions. Eventually, we expect index to challenge 14900 mark and retest life highs of 15400 in coming months. Hence, any dip from here on should be capitalised on as an incremental buying opportunity

The Nifty midcap index is at the cusp of resolving out of past two months consolidation, highlighting strength which augurs well for acceleration of relative outperformance.

Nifty Daily Chart

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