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Technical Outlook

Equity benchmarks took a breather after Tuesday’s sharp up move. The Nifty lost 19 points to conclude Wednesday’s session at 16240. In the coming session, index is likely to witness gap down opening tracking weak global cues. we expect index to trade with corrective bias amid elevated volatility owing to weekly derivative expiry. Hence, use intraday pullback towards 16055-16080 for creating short position for the target of 15957 In the coming session index is likely to witness gap down opening tracking weak global cues. Going ahead, strong support for the Nifty is placed at 15600. We believe, for a sustainable pullback to materialize index need to form a higher base from here on, else extension of corrective bias towards 15600 tracking volatile global cues. In the process, 16400 will be the key level to watch on the upside as it is the 38.2% retracement of past four weeks decline (17414-15735)

Nifty Daily Chart

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