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Technical Outlook

Technical Outlook Equity benchmarks extended breather over second consecutive session tracking subdued global cues. The Nifty concluded weekly derivative expiry session at 15780, down 19 points or 0.1%. In the coming session, index is likely to open on a flat note tracking subdued global cues. We expect, supportive efforts to emerge from 15600 levels amid elevated volatility. Hence, use intraday dip towards 15638-15662 for creating long position for the target of 15752

The index is undergoing healthy retracement of last week’s up move that would gradually pave the way for next leg of up move. Over past three sessions index has retraced merely 38.2% of preceding three sessions up move. Thus, any dip towards 15400 should be used as buying opportunity as we believe immediate support for the Nifty is placed at 15200. Eventually, we expect index to resolve higher and gradually head towards 16200 in coming weeks as it is confluence of: a) 61.8% retracement of June decline (16794-15183) b) upper band of negative gap recorded on June 13 (16201-15878).

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