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Technical Outlook

Equity benchmarks eked out gains over a fifth consecutive session and concluded F&O expiry session at record closing high of 15338, up 36 points or 0.24%. In the coming session, we expect index to trade with a positive bias as over past five session’s intraday pullback have been bought into. Hence, use intraday dip towards 15400-15430 to create long for target of 15515.

Going forward, we reiterate our positive stance with target of 15700 in coming month. Elevated volatility near life highs (after ~800 points rally in past say nine sessions,) should not be a cause of concern. The broad-based participation backed by improving market breadth signifies rejuvenation of uptrend that supports our positive stance with revised target of 15700 in the month of June, as it is 123.6% external retracement of Feb-April Correction (15432-14151). Hence, any temporary cool off from here on should be capitalised as incremental buying opportunity in quality large cap and midcaps.

Nifty Daily Chart

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