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Technical Outlook

Equity benchmarks started the week on a positive note tracking frim global cues. The Nifty settled Monday’s session at 14956, up 18 points. In the coming session, Nifty future is likely to open on a positive note tracking firm global cues.

We expect index to trade with a positive bias while sustaining above Monday’s low (spot14920). Hence, use intraday dip towards 14960-14985 to create long position for target of 15074 The lack of faster retracement on either side signifies prolongation of ongoing consolidation (15300-14500) with a positive bias amid stock specific action that will help index to form a higher base above key support threshold of 14500 and gradually pave the way to head towards 15500 in coming weeks.

In the process, we expect broader markets to endure its relative outperformance. Hence, any dips from here on should be capitalized to accumulate quality large caps and midcaps stock to ride the next leg of up move.

Nifty Daily Chart

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