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Technical Outlook

Equity benchmarks recouped last week’s losses and settled monthly expiry week on a positive note backed by firm global cues. The Nifty concluded the week at 15848, up 1%. In the coming session, index is likely to open on a flat note tracking mixed global cues. We expect, Nifty to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 15838- 15860 to create long for target of 15948.

We expect Nifty to trade with positive bias and head towards 16100 levels in coming weeks. In the process, we do not expect Nifty to breach its strong demand zone of 15600-15500 levels. Therefore, any dips from hereon would present incremental buying opportunity to construct quality portfolios. The target of 16100 is based on: a) price parity of post Budget rally (13597-15432), projected from April low of 14151, at 16055 b) past two month’s range (15140-14150) breakout target at 16120.

Nifty Weekly Chart

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