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Technical Outlook

Equity benchmarks concluded weekly expiry session on a positive note as Nifty gained 77 points or 0.5%. In the coming session, we expect index to trade with a positive bias as past two sessions lower shadow highlights elevated buying demand.

Hence, use intraday dip towards 14530-14555 to create long for target of 14644. Going ahead, a decisive close above 14800 would be required to confirm the conclusion of ongoing consolidation (14800-14300). Failure to do so would lead to prolonged consolidation amid stock specific action.

The 14800 would be the key level to watch as it is confluence of 80% retracement of recent decline (14984-14249) coincided with upper band of Monday’s negative gap (14835-14652) We believe, the immediate support for the Nifty is at 14250 while key structural support is placed at 13800. Since March 2020, intermediate corrections in the Nifty have been to the tune of 9- 10%. In the current scenario 10% correction will complete around 13900

Nifty Daily Chart

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