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Technical Outlook

Equity benchmarks concluded monthly expiry session on a positive note tracking firm global cues. The Nifty settled at 14895, up 30 points or 0.2%. In the coming session, index is likely to open on a negative note tracking subdued Asian cues. We expect index to hold Wednesday’s gap area (14653-14695), hence post gap down opening use intraday dip towards 14700-14725 to create long for target of 14814.

Going ahead, a decisive close above upper band of falling channel (placed at 14900) would be required to confirm the breakout from falling channel which would lead to acceleration of upward momentum, else extended consolidation with positive bias. In the process, we expect broader market to outperform as stock specific action would prevail amid progression of Q4FY-21 result season. The current up move (893 points) is larger in magnitude compared to early March rally of 868 points. Elongated up move signifies rejuvenation of upward momentum that augurs well for next leg of up move..

Nifty Daily Chart

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