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Technical Outlook

Equity benchmarks extended gains over second consecutive session amid firm global cues. The Nifty ended Tuesday’s session at 15108, up 185 points or 1.2%. In the coming session, index is likely to open on a subdued note tracking muted global cues. We expect index to hold the psychological mark of 15000 and attempt a pullback. Hence, use intraday dip towards 15025- 15052 to create long for target of 15139.The two months consolidation breakout backed by improving market breadth signifies rejuvenation of upward momentum amid broad based participation that makes us believe, index would endure its northbound journey and eventually retest life high of 15400 in the month of May 2021. Thereby, any temporary cool-off from hereon should be capitalised to accumulate quality stocks as the Q4FY21 result season progresses

Key point to highlight is that, the Nifty midcap and small cap indices endured their relative outperformance and scaled to a fresh 52 weeks high, highlighting inherent strength auguring well for continuation of up trend

Nifty Daily Chart

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