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Technical Outlook

Equity benchmarks snapped six sessions winning spree and ended Tuesday’s session on a flat note at 15109, down 6 points. In the coming session, we expect index to trade with a positive bias while sustaining above Tuesday’s low (spot-15064).

Hence, use intraday dips towards 15100-15122 to create long position for the target of 15209. The formation of higher high-low signifies prevailing up trend is intact, which makes us confident that index would endure its positive momentum and gradually head towards our earmarked target of 15500 in coming month.

Key point to highlight is that, past seven sessions 1660 points rally in Nifty hauled the daily stochastic oscillator in overbought territory (at 90), indicating a couple of days temporary breather cannot be ruled out. However, we believe, for a temporary breather to materialise index need to decisively close below previous sessions' low (15064) else continuation of positive bias amid stock specific action.

Nifty Daily Chart

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