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Technical Outlook

Equity benchmarks concluded a volatile week on a subdued note as index recouped most of intraweek losses and ended the week at 14636, down 1.35%. In the coming session, index is likely to witness gap down opening below Friday’s low (Spot 14559), indicating corrective bias. Hence, use intraday pullback towards 14560-14585 to create short for target of 14447.

Nifty has been consolidating in the range of 14800- 14250 over past four weeks despite host of negative news flow related with COVID-19 2nd wave. Therefore, either side breakout will decide further directional bias, else prolongation of consolidation amid stock specific action.

Structurally, we believe, any cool off from hereon would get anchored around key support threshold of 14250 which would offer incremental buying opportunity as it is 61.8% retracement of the February rally (13596-15432), at 14297 and past four weeks identical lows placed at 14250.

Nifty Daily Chart

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