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Technical Outlook

Equity benchmarks snapped past four sessions winning streak amid weak global cues. The Nifty concluded Tuesday’s session at 14851, down 92 points or 0.6%. In the coming session, volatility would remain high owing to weekly derivative expiry. We expect index to consolidate with a positive bias amid stock specific action. Hence use intraday dip towards 14800-14825 to create long for target of 14914.

Going ahead, we reiterate our positive stance on the market and expect the Nifty to gradually retest lifetime highs of 15430 in May 2021. However, we believe the move towards 15400 would not be in a linear manner as a round of intermediate pullbacks cannot be ruled out. Hence, traders can use bouts of volatility to their advantage to build long positions by accumulating quality large cap and midcap stocks. In the process, we expect broader market to outperform scaled to fresh 52 weeks high despite minor profit booking in the benchmark, highlighting inherent strength.

Nifty Daily Chart.

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