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Technical Outlook

Equity benchmarks slumped over fifth week on the trot tracking weak global cues owing to rate hike and inflation worries. The Nifty ended the volatile week at 15782, down 3.8%. In the coming session, index is likely to open on a flat to positive note tracking positive global cues. We expect buying demand to emerge around the March low (15671). Hence after a positive opening use intraday dips towards 15690-15722 for creating long position for the target of 15807 Going forward, a follow through strength along with a decisive close above Friday’s high (16083) is necessary for a meaningful pullback to materialise towards 16400 from current oversold reading. Failure to do so would lead to prolongation of corrective bias wherein key support is placed at 15600- 15400 zone which is 61.8% retracement of CY21 rally coincided with equality of previous down leg of 14%.

Nifty Daily Chart

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