Equity benchmarks snapped past four session’s up move and settled weekly derivative expiry session on a subdued note at 12772, down 167 points or 1.3%. In the coming session, holding above Thursday low (12753) will keep the pullback open, else extended breather. Hence, intraday dip towards 12738-12760 should be used to create long position for target of 12848.
The daily price action formed a bear candle with sizable upper shadow, indicating profit booking emerged after clocking fresh all-time high of 12963 amid overbought placement of daily and weekly stochastic oscillator (which was placed at 89 and 98, respectively in last sessions), indicating breather.
It will help the index to cool off the overbought situation and pave the way for next leg of up move towards our earmarked target of 13200 by December. Therefore, any dip from here on should be capitalized to accumulate quality stocks.
Nifty Daily Chart
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