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Technical Outlook

Equity benchmarks extended gains over third consecutive session amid buoyant global cues. The Nifty ended Thursday’s session at 15097, up 115 points or 0.8%. In the coming session, Nifty future is likely to witness gap down opening tracking weak global cues. However, we expect, index to attempt a pullback post gap down opening. Hence, use intraday dip towards 14870- 14905 to create long position for target of 14993

The profit booking seen across global equity due to rise in bond yields. Going ahead, bond yields will be key monitorable, as that would lead to rise in volatility. Therefore, we believe, Nifty need to sustain above the psychological mark of 15000 (on a closing basis) to keep positive momentum intact, else extended breather amid stock specific action. However, we do not expect index to breach key support threshold of 14600, hence dips should be capitalised to accumulate quality large cap stocks as we expect Nifty to gradually retest all-time high of 15432 in coming weeks.

Nifty Daily Chart

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