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Technical Outlook

Equity benchmarks started the monthly expiry week on a subdued note tracking weak Asian cues. The Nifty ended Monday’s choppy session at 14824, down 32 points or 0.2%. In the coming session, the index is likely to open on appositive note tracking firm global cues. We expect index to trade with positive bias while sustaining above Friday’s low (15768). Hence use intraday dips towards 15790-15815 to create long for target of 15905. The lack of faster retracement on either direction signifies prolonged consolidation in the broader range of 15950-15500. We believe, a decisive close above upper band of consolidation 15950 backed by firm global cues and multi sector participation would open the door for next leg of up move towards our revised target of 16300 in coming month

Over past four weeks is that, on multiple occasions elevated buying demand emerged from 15600 mark, highlighting strong support base at 15600 levels. Thus, any dip from hereon should be capitalised on to accumulate quality stocks amid progression of Q1FY22 earning season.

Nifty Daily Chart

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