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Technical Outlook

Equity benchmarks concluded weekly derivative expiry session on a negative note tracking weak global cues. The Nifty plunged 431 points or 2.65% to shut shop for the session at 15809. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect index to hold Thursday’s low and trade with a positive bias amid elevated volatility. Hence, use intraday dip towards 15904-15936 for creating short position for the target of 16022 We expect the index to consolidate in the broader range of 16400-15600 and undergo base formation amid ongoing global volatility. Going ahead, the Nifty can test key support zone of 15600-15400 amid ongoing global volatility, wherein intraday pullbacks cannot be ruled out tracking oversold conditions. However, for a meaningful pullback to materialize, index need to decisively close above previous sessions high on a sustained basis. On the upside upside is capped at 16400 levels as it is the 38.2% retracement of past four weeks decline (17414-15735) coincide with past two weeks identical high

Nifty Daily Chart

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