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Technical Outlook

Equity benchmarks snapped past two weeks corrective decline and staged a strong comeback that helped Nifty to scale to a fresh all time high of 15015. Nifty ended the week at 14924, up 9.5%. In the coming session, Nifty future is likely to open on a positive note tracking firm global cues. We expect index to trade with a positive bias and maintain a higher high-low formation.

Hence, use intraday dips towards 14925- 14948 to create long position for the target of 15035. Going ahead, we expect index to head towards 15500 in coming months as the revived momentum in cyclical backed by strong market breadth makes us confident to reiterate our constructive stance. We believe, traction in Banking, Infra, Pharma and consumption would drive index higher towards 15500.

Structurally, formation of higher peak, trough indicating robust price structure which makes us confident to revise support base upward, as we expect strong buying demand to emerge in the vicinity of 14400.

Nifty Weekly Chart

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