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Technical Outlook

Equity benchmarks regained some of the lost ground on Tuesday as approval to various vaccines lifted sentiment. The Nifty gained 215 points or 1.50% to settle at 14525.

In the coming expiry session, we expect volatility to stay elevated. Index is likely to open on a positive note tracking firm global cues. We expect index to continue with ongoing pullback. Hence, use intraday dip towards 14565-14590 to create l for target of 14679. Going ahead, sustainability above Monday’s high (14700) would indicate conclusion of ongoing consolidation phase, else extended consolidation to continue within 14250-14700 region amid stock specific action.

Hence, buying on declines strategy in quality stocks should work well. Only a decisive close below 14250 would signal an extended profit booking Immediate support for Nifty is placed at 14250 levels while, key structural support is placed at 13800 levels as it is 80% retracement of the February rally (13596-15432), placed at 13963.

Nifty Daily Chart

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