Equity benchmarks snapped four sessions losing streak and ended Tuesday’s session on a positive note, tracking firm global cues. Nifty settled at 11102, up 204 points or 1.9%. In the coming session, Nifty futures is likely to open on a soft note tracking mixed global cues. We expect Nifty to maintain a higher higher-low formation. Thus, intraday dip towards 11060-11085 should be used to create long position for target of 11177.
Going ahead, we expect the Nifty to prolong the ongoing consolidation in the broad range of 10900- 11400 with a stock specific action amid ongoing Q1FY21 result season, based on following thesis: a) Broader market continued to relatively outperform as both Nifty midcap and small cap indices closed above July high. In the process Nifty small cap settled above 200 SMA for the first time since February 2020. B) In past seven weeks, on fourth occasion Bank Nifty bounced from 21000 amid oversold placement of daily stochastic oscillator (at 19), indicating impending pullback.
Nifty Daily Chart
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