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Technical Outlook

Equity benchmarks extended gains over second consecutive session tracking positive global cues. The Nifty zoomed 289 points or 1.9% on Tuesday to settle the session at 15639. In the coming session, index is likely to open on a subdued note tracking muted Asian cues. After Tuesday’s sharp up move, retracement should be utilised as buying opportunity. Hence, use intraday dip towards 15510-15542 for creating long position for the target of 15627

Going ahead, we expect index to extend the ongoing pullback towards 15800 mark. Further, a decisive close above 15800 along with improving market breadth will confirm end of corrective phase and open the door for extended pullback in coming sessions. The level of 15800 remains important to watch on the upside as it is confluence of: A) Downward slanting trend line drawn adjoining Subsequent highs of June (16794- 16493), placed around 15800 B) 38.2% retracement of June decline (16794-15183) C) Lower band of negative gap recorded on 13th June (16201-15878). Meanwhile, immediate support is placed at 15200

Nifty Daily Chart

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