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Technical Outlook

Equity benchmarks extended gains over second consecutive session amid positive global cues. The Nifty ended Tuesday’s session at 15773, up 26 points or 0.2%. In the coming session, index is likely to open on a positive note tracking positive global cues. We expect, Nifty to trade with a positive bias amid elevated volatility ahead of monthly expiry. Hence, use intraday dip towards 15748-15775 to create long for target of 15863.

We believe, the ongoing consolidation (15900- 15400) would make market healthy by cooling off the overbought condition and form a higher base. Eventually, we expect Nifty to resolve out of upper band of consolidation placed at 15900 and head towards our earmarked target of 16100 in coming weeks. In the process, bouts of volatility would offers incremental buying opportunity as round of temporary breather after a sharp rally is a common phenomenon in the bull market. Hence, dips should be capitalised on to accumulate quality large cap and midcaps to ride next leg of up move

Nifty Daily Chart

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