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Technical Outlook

Domestic equity benchmarks extended their winning streak on Thursday to fresh all time high led by strong rally in Banking heavyweights. Nifty closed the session at 17629, up by 0.6%. In the coming session, index is likely to open on a positive note. We expect it to continue with its current positive momentum while maintaining higher highlow. Hence, after a positive opening use intraday dips towards 17610-17640 for creating long position for target of 17723.

The Nifty began session on a positive note and extended gains through the session led by strong outperformance by Banking stocks on expected lines. Price action resulted in bull candle with higher high-low and in the process achieved our target of 17600 levels. While our positive stance remains intact, after sharp rally recently, daily oscillator has reached overbought trajectory. Sustainability above 17600 in coming session would lead to extended rally. Banking index has hit new highs and is expected to rally further in coming sessions.

Nifty Daily Chart

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