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Technical Outlook

Equity benchmarks extended gains over third consecutive sessions amid positive global cues. The Nifty settled Tuesday’s session at 15208, up 11 points. In the coming session, we expect volatility to remain high ahead of the May series expiry session. We believe, stock specific action would prevail amid positive bias. Hence, use intraday dip towards 15170-15195 to create long for target of 15283.

Going ahead, we reiterate our positive stance on the market and expect Nifty to challenge lifetime high of 15400 in coming sessions. Key point to highlight in the current up move off May low (14416) is that, the secondary corrections have been shallower in nature, highlighting elevated buying demand that makes us confident to revise our target to 15700 for the month of June 2021, as it is 123.6% external retracement of Feb-April Correction (15432-14151). Hence, round of volatility owing to F&O expiry week should be capitalised as incremental buying opportunity in quality large cap and midcaps

Nifty Daily Chart

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