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Technical Outlook

Equity benchmarks snapped their two-day winning streak ahead of monthly derivatives expiry and AGM of Reliance Industries. The Nifty ended Wednesday’s session at 15687, down 85 points or 0.54%. In the coming session, index is likely to open on a positive note tracking positive global cues. We expect, Nifty to trade with a positive bias amid elevated volatility owing to monthly expiry. Hence, use intraday dip towards 15630-15655 to create long for target of 15744.

Going ahead, Nifty need to close above the upper band of consolidation placed at 15900 for further acceleration of upward momentum, else prolonged time consolidation in the range of 15900-15400, amid stock specific action. However, our broader view of Nifty heading towards 16100 in coming month remains intact. In the process, bouts of volatility would offer incremental buying opportunity as being observed over past 14 months structural uptrend. Hence, dips should be capitalised on to accumulate quality large cap and midcaps to ride next leg of up move.

Nifty Daily Chart

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