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Technical Outlook

Equity benchmarks concluded Monday’s session on a cheerful note as Nifty gained 112 point or 0.7% to settle the session at 15846. In the coming session, index is likely to open on a flat note amid mixed Asian cues. We expect Nifty to trade with a positive bias while maintaining higher highlow formation. Hence, use intraday dip towards 15800-15830 to create long for target of 15914.

On expected lines, elevated buying demand emerged from the lower band of rising channel, highlighting broader up trend is intact. Going ahead, we expect index to resolve out of upper band of past four weeks contracting range placed at 15900 and gradually head towards 16100 in coming weeks as we approach Q1FY22 earnings season. The formation of subsequent higher lows over past four weeks’ highlights buying demand at elevated support base. Therefore, temporary dips from here on should be capitalised on as incremental buying opportunity as we do not expect index to breach the key support zone of 15600-15500.

Nifty Daily Chart

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