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Technical Outlook

Equity benchmarks concluded the choppy session on a subdued note tracking muted global cues. The Nifty ended the session at 16125, down 90 points or 0.5%. In the coming session, index is likely to open on a positive note tracking positive Asian cues. We expect index to trade with a positive bias while sustaining above Tuesday’s low of 16035. Hence, use intraday dip towards 16074-16108 for creating long position for the target of 16194

The index has been confined within the broader range of 16400-15700 over past eight sessions wherein stock specific action has been observed amid ongoing global volatility. Going ahead, we believe healthy retracement of last leg of up move would help index to form a higher base in the vicinity of 15800-16000 and gradually surpass the immediate hurdle of 16400 levels and pave the way towards 16800 in coming weeks. However, bouts of volatility would play a pivotal role amid ongoing global uncertainty that would make move towards 16800 in a nonlinear manner.

Nifty Daily Chart

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