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Technical Outlook

Equity benchmarks concluded volatile session on a flat note amid mixed global cues. The Nifty settled Tuesday’s session tad below previous session’s close, at 15313. In the coming session, Nifty future is likely to open on a negative note tracking weak global cues. However, holding above past two sessions identical low of 15242 (on a closing basis) would keep positive bias intact. Hence, use intraday dips towards 15210-15235 to create long position for the target of 15325.

The Nifty has approached in the vicinity of our earmarked target of 15500 amid overbought conditions of weekly stochastic oscillator (placed at 93). Hence, we expect momentum to slow down after sharp post budget rally of 13%. We believe, any temporary breather from hereon would make market healthy and pave the way towards 15500 in coming weeks as it is 161.8% external retracement of last fall (14754-13596), at 15466. Therefore, any dip from hereon should not be treated as negative instead it should be capitalised as buying opportunity. 

Nifty Daily Chart

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