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Technical Outlook

Equity benchmarks started the week on a buoyant note tracking firm global cues. Nifty clocked a fresh all time high of 15160 and eventually settled the session at 15116, up 192 points or 1.3%. In the coming session, Nifty future is likely to open on a positive note tracking firm global cues.

We expect index to hold the Monday’s positive gap (14924-15041) and trade with a positive bias. Hence, use intraday dips towards 15090-15112 to create fresh long position for the target of 15197. Going ahead, we reiterate our positive stance on the index and expect the Nifty to head towards 15500 in coming month, as it is 161.8% external retracement of past two week’s fall (14754- 13596), at 15466.

The rotating sectoral leadership backed by strengthening of market breadth signifies inherent market strength. Structurally, formation of higher peak, trough on the larger degree chart signifies strong up trend is intact, which makes us confident to revise support base upward at 14600.

Nifty Daily Chart

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