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Technical Outlook

Equity benchmarks extended their winning streak over third consecutive session amid buoyancy across global markets. The Nifty ended on Wednesday at 15246, up 326 points or 2.2%.

In the coming session, the index is opening on a negative note on back of weak global cues. However, we expect the index to sustain above Wednesday low (14995) and trade in a range of 15000-15150 amid elevated volatility owing to weekly derivative expiry session. Hence, suggest to create long position in dips towards 15000- 15030 for target of 15110. The up move was on back of multi sector participation with banks leading the up move (carrying 34% weightage in the Index).

The market breadth was strong signifies rejuvenation of upward momentum that makes us confident that index will endure its northbound journey and eventually retest 15500 in coming weeks. While on the downside 14500 will act as major support in the short term.

Nifty Daily Chart

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