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Technical Outlook

Equity benchmark edged higher despite subdued global cues and settled Tuesday’s session at 14815, up 78 points or 0.5%. In the coming session, Index is likely to open on a subdued note tracking muted global cues. We expect index to trade in a range with a positive. Hence, use intraday dip towards 14708-14735 to create long position for target of 14824.

Going ahead, we expect index to trade with a positive bias and gradually head towards upper band of consolidation placed at psychological mark of 15000. Key point to highlight is that, Bank Nifty has regained upward momentum which would drive Nifty higher as it carries 40% weightage in the benchmark. The improving market breadth along with rotation of sectoral leadership signifies inherent strength that augurs well for durability of ongoing up move. Meanwhile, 14400 would continue to act as a strong support. Hence, capitalising dips as an incremental buying opportunity in quality large cap and mid cap would be the prudent strategy to adopt.

Nifty Daily Chart

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