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Technical Outlook

Equity benchmarks concluded weekly derivative expiry session on a positive note. The Nifty settled at 15173, up 67 points or 0.4%. In the coming session, we expect index to witness follow through strength and maintain a higher high-low formation, which would confirm the continuation of upward momentum.

Hence, use intraday dip towards 15090-15114 to create fresh long position for target of 15198. On expected line, index has undergone couple of days breather after 12% rally that helped index to cool off the overbought condition and make market healthy. Key point to highlight is that, despite ongoing breather, Nifty has managed to hold the psychological mark of 15000, indicating inherent strength.

The resilience in key index heavy weight stocks from telecom, banking and auto space makes us confident to believe that index would resolve higher and gradually head towards our earmarked target of 15500 in coming month as it is 161.8% external retracement of past two week’s fall (14754-13596), at 15466.

Nifty Daily Chart

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