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Technical Outlook

Equity benchmarks extended breather over second consecutive session amid subdued Asian cues. The Nifty settled Tuesday’s session at 15746, down 78 points or 0.5%. In the coming session, the index is likely to open on a positive note tracking mixed Asian cues. We expect index to trade with positive bias amid elevated volatility ahead of monthly expiry. Hence use intraday dips towards 15690-15715 to create long for target of 15798.

Going ahead, we expect index to extend the ongoing consolidation in the broader range of 15950-15500 with stock specific action amid progression of Q1FY22 earning season. The volatility would remain elevated ahead of Federal Reserve meeting followed by monthly expiry on Thursday. However, despite elevated volatility we do not expect index to breach the key support threshold of 15600-15500. Hence, extended breather from hereon should not be construed as negative instead dips should be capitalised on to accumulate quality stocks amid progression of Q1FY22 earning season.

Nifty Daily Chart

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