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Technical Outlook

Equity benchmarks edged lower on Wednesday amid subdued global cues ahead of ahead of US Fed policy. Nifty settled the session at 14721, down 189 points or 1.3%. In the coming session, volatility would remain high owing to volatile global cues and weekly derivative expiry. We expect the index to maintain positive bias after a gap up opening. Hence, after a positive opening use intraday dips towards 14810-14835 to create long position for target of 14924.

Going ahead, 14700 will be the key levels to watch, as holding above 14700 on a closing basis would keep pullback option open towards psychological mark of 15000 levels. Failure to do so will lead to extended breather. Bank Nifty is also placed around the key support area of 34000. As it commands 40% weight in Nifty, hence holding above the key support area of 34000 on a closing basis will lead to a meaningful pullback in bank index which would lead nifty higher.

Nifty Weekly Chart

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