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Technical Outlook

Equity benchmarks recouped intraday losses and snapped their three sessions losing spree despite weak global cues. The Nifty ended Monday’s session at 15747, up 63 points or 0.4%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect Nifty to resolve higher while sustaining above past three sessions identical high of 15765. Hence, use intraday dip towards 15735-15758 to create long for target of 15848.

Going ahead, we expect index to endure the positive momentum towards upper band of the consolidation placed at 15900 and gradually scale to our earmarked target of 16100 in coming weeks. The recovery led by the key heavyweight financial stocks (as financials carries 38% weightage in Nifty), signifies rejuvenation up move that would provide impetus for next leg of up move. We believe, bouts of volatility ahead of monthly expiry would offers incremental buying opportunity which should be capitalised to accumulate quality large cap and midcaps to ride next leg of up move.

Nifty Daily Chart

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