Technical Outlook

Equity benchmarks recouped intraday losses and concluded Monday’s session on a flat to positive note at 14634. In the coming session, follow through strength above Monday’s high (14674) would lead to extension of ongoing pullback. Hence, use intraday dip towards 14630-14655 to create long for target of 14744

Going ahead, we expect index to eventually head towards all time high of 15400 in the month of May21. We believe, the ongoing consolidation (14900- 14400) would make market healthy and pave the way towards 15400. In the process, stock specific action would prevail as we expect broader markets to outperform amid progression of Q4FY21 result season. The Nifty small cap index clocked a fresh 52 weeks high after resolving out of past two months consolidation, highlighting inherent strength. We expect, broader market indices to endure their relative outperformance wherein small cap would witness catch up activity as Nifty midcap index is hovering at its all-time high whereas small cap index is still 11% away from its life highs

Nifty Daily Chart

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