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Technical Outlook

Equity benchmarks snapped two weeks breather and concluded the week at 14938, up 2.7%. In the coming session, Nifty future is likely to witness gap up opening tracking firm global cues. We expect, index to trade with a positive bias while sustaining above Friday’s low (14862).

Hence, use intraday dip towards 15027-15055 to create long position for target of 15139 Going ahead, we reiterate our broader positive stance on index and expect Nifty to gradually head towards 15500 in coming weeks. The equity benchmarks exhibited relative strength, as on the smaller degree, intermediate corrections have been shallower and time consuming while rallies have been elongated.

In the upcoming truncated week, we expect index to undergo healthy higher base formation in the range of 15300-14500 amid stock specific activity. Meanwhile, we expect broader markets to continue with its relative outperformance. Hence, capitalising dips to accumulate quality large caps and midcaps would be the prudent strategy to adopt.

Nifty Weekly Chart

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