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Technical Outlook

Equity benchmarks concluded volatile session on a positive note tracking firm Asian cues. The Nifty ended weekly expiry session at 15556, up 143 points or 0.9%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect index to trade with a positive bias while forming higher high-low on daily chart. Hence, use intraday dip towards 15514-15542 for creating long position for the target of 15630

Going ahead, we expect index to resolve higher and gradually head towards 15800 in coming sessions. Subsequently, a decisive close above 15800 along with improving market breadth will confirm end of corrective phase and open the door for extended pullback in coming sessions. Failure to do so would lead index to undergo consolidation in 15800-15200 range amid stock specific action. On the downside, immediate support for the Nifty is placed at last week’s low of 15200. Only the breach below 15200 (on a closing basis) would lead to extended correction towards major support zone of 14800-14600 which we expect to hold amid oversold condition

Nifty Daily Chart

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