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Technical Outlook

Equity benchmarks edged lower tracking weak global cues. The Nifty settled Wednesday’s session at 15413, down 225 points or 1.4%. In the coming session, index is likely to open on a flat note tracking muted global cues. We expect volatility to remain high owing to weekly expiry. Hence, use intraday dip towards 15304-15332 for creating long position for the target of 15419

Going ahead, index need to decisively close above 15800 along with improving market breadth which will confirm end of corrective phase and open the door for extended pullback in coming sessions. Failure to do so would lead index to undergo consolidation in the 15800-15200 range amid stock specific action. On the contrary, immediate support for the Nifty is placed at last week’s low of 15200. However, the breach of 15200 (on a closing basis) would lead to extended correction towards major support zone of 14800-14600 which we expect to hold amid oversold condition.

Nifty Daily Chart

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