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Technical Outlook

Equity benchmarks extended gains over second straight session and ended Tuesday’s session at 14919, up 158 points or 1.1%. In the coming session, index is likely to open on a flat to positive note tracking firm Asian cues. We expect index to trade with a positive bias while maintaining a higher high-low formation.

Hence, use intraday dip towards 14910-14938 to create long position for target of 15023 Going ahead, a follow through strength above Tuesday’s high of 14959 (on a closing basis) would be required to confirm the conclusion of ongoing corrective phase.

Failure to do so would lead to prolongation of ongoing consolidation in the broad range of 14900-14500 amid stock specific action as we expect broader market to endure its relative outperformance. Structurally, formation of higher peak and trough on the larger degree chart backed by strengthening market breadth signifies robust price structure that makes us confident to revise the support base at 14500.

Nifty Daily Chart

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