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Technical Outlook

Equity benchmarks started the week on a positive note tracking firm Asian cues. The Nifty ended the session at 14762, up 232 points or 1.6%. In the coming session, index is likely to open on a positive note tracking firm global cues. Follow through strength above Friday's high (14919) would open further pullback option, else continuance of stock specific action amid positive bias. Hence, use intraday dip towards 14765- 14790 to create long position for target of 14879

The index is undergoing healthy retracement as over past 10 sessions it has retraced 50% of preceding 11 sessions sharp up move, indicating robust price structure. Therefore, we do not expect the Nifty to breach the key support threshold of 14300. Meanwhile, to confirm the pause in ongoing corrective phase the index needs to form a higher high-low and decisively close above immediate resistance of 14900. Failure to do so would lead to prolongation of ongoing consolidation in the broad range of 14900-14300

Nifty Daily Chart

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