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Technical Outlook

Equity benchmarks edged lower over fourth consecutive session and concluded weekly expiry session on a subdued note. Nifty dropped 42 points or 0.3% to settle the volatile session at 15680. In the coming session, we expect elevated buying demand to emerge in the vicinity of lower band of rising channel. Hence, use intraday dip towards 15685-15715 to create long for target of 15804.

The past four session’s corrective move helped index to cool off the overbought condition that consequently hauled Nifty towards lower band of rising channel. We expect elevated buying demand to emerge from lower band of rising channel that would help Nifty to challenge the upper band of consolidation at 15900 and gradually head towards 16100 in coming weeks. Key point to highlight since midMarch 2021 is that, the index has maintained the rhythm of not correcting for more than three to four sessions in a row. In the current scenario, index has already corrected over past four sessions. Thereby, we expect Nifty to maintain the same rhythm.

Nifty Daily Chart

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