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Technical Outlook

Equity benchmarks took a breather amid choppy movement on the back of subdued global cues. Eventually, Nifty lost 78 points or 0.5%, to settle Wednesday’s session at 15030. In the expiry induced volatile session, we expect stock specific action would remain in focus amid positive bias. Hence, use intraday dip towards 14985-15010 to create long for target of 15098.

Going ahead, we reiterate our constructive stance on the market and expect Nifty to head towards 15400 in the month of May 2021. Key point to highlight is that, despite minor profit booking in the benchmark, broader market indices endured their relative outperformance supported by strong market breadth, indicating inherent strength that augurs well for durability of ongoing up trend. We believe, a breather after faster pace of retracement signifies healthy retracement that would set the stage for next leg of up move. Therefore, extended breather from hereon should be used as incremental buying opportunity in quality large cap and mid caps amid progression of Q4FY21 earnings. Pivot Points CNX Nift

Nifty Daily Chart

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