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Technical Outlook

Equity benchmarks regained upward momentum after past two days breather and scaled to fresh all-time high of 15705. The Nifty settled weekly derivative expiry session at 15690, up 114 points or 0.7%. In the coming session, index is likely to witness subdued opening tracking muted global cues. Post initial blip, we expect index to trade with positive bias. Hence, use intraday dip towards 15590-15615 to create long for target of 15705

Going ahead, a decisive close above 15700 mark would lead to extension of ongoing up move, else continuance of stock specific action amid positive bias as we expect broader market to endure their relative outperformance. The elongated-up trend followed by shallow price correction backed by improving market breadth highlights robust price structure auguring well for next leg of up move. Therefore, after 1100 points rally (seen over past 14 sessions) round of temporary breather should not be construed as negative, instead it should be capitalised as incremental buying opportunity in quality stocks.

Nifty Daily Chart

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