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Technical Outlook

Equity benchmarks pared initial gains and concluded Tuesday’s session on a flat note. Meanwhile, Sensex scaled to a fresh all time high of 53129. In the coming session, index is likely to open on a subdued note on the back of muted global cues. We expect Nifty to attempt pullback after initial decline. Hence, use intraday dip towards 15740- 15762 to create long for target of 15848.

Going ahead, we reiterate our positive stance as we expect the index to resolve out of upper band of past four weeks contracting range (15900) and gradually head towards 16100 in coming weeks. Key point to highlight is that, the Bank Nifty has regained upward momentum as it surpassed pivotal high (35575) and now gearing up to resolved above past six weeks’ consolidation (35800-33910). We believe, the rejuvenated momentum in Banking and IT ahead of Q1FY22 earnings season would help Nifty to resolve out of upper band of consolidation and head towards our target of 16100.

Nifty Daily Chart

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