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Technical Outlook

Equity benchmarks snapped four sessions winning streak tracking weak global cues. The Nifty ended Wednesday’s session at 15799, down 51 points or 0.3%. In the coming session, index is likely to open on a flat note tracking muted global cues. We expect volatility to remain high owing to monthly expiry and global volatility. Hence use intraday dip towards 15750-15780 for creating long position for the target of 15867

Key point to highlight is that, over past two sessions index has retraced 38.2% of preceding three sessions up move. The slower pace of retracement signifies healthy retracement that gradually paves the way for next leg of up move. We expect index to resolve higher and eventually head towards 16200. However, we believe the move towards 16200 would be in a zig-zag manner as bouts of volatility owing to global uncertainties can not be ruled out. Thus, any dip towards 15400 should be used as buying opportunity as we believe immediate support for the Nifty is placed at 15200.

Nifty Daily Chart

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