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Technical Outlook

Equity benchmarks concluded weekly expiry week on a subdued note as index extended breather over second consecutive session. The Nifty ended the session at 14906 down 124 points or 0.8%. In the coming session, we expect stock specific action to continue amid positive bias. Hence, use intraday dip towards 14940-14967 to create fresh long for target of 15057.

Going ahead, we maintain our positive stance on the market and expect Nifty to head towards 15400 in the month of May 2021. We believe, the index is undergoing healthy retracement as over past two sessions it retraced 50% of preceding two sessions sharp up move (~550 points). The shallow price correction on the smaller degree chart highlights inherent strength. Therefore, extended breather from hereon should not be construed as negative instead it should be capitalized as incremental buying opportunity in quality large cap and mid-caps. Meanwhile, key support is placed at 14600.

Nifty Daily Chart

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