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Technical Outlook

Equity benchmarks pared initial gains weighed by weak global cues and possibility of stricter lockdown in Maharashtra. The Nifty concluded Tuesday’s session at 14296, down 63 points or 0.4%. In the coming volatility induced expiry session, index is likely to trade with a corrective bias as intraday pullbacks have been short lived. Hence, use intraday pullback towards 14220- 14245 to create short for target of 14128

In the coming session, index is likely to witness gap down opening below lower band of consolidation 14200, which was held on three occasions over past five weeks. A decisive close below 14200 would indicate extended declines towards key support threshold of 13900-13800 range in coming weeks, else continuation of range bound action with stock specific focus amid Q4FY21 earnings. However, such extended decline should not be viewed as structurally negative, rather that would present buying opportunity to accumulate quality large caps in a staggered manner.

Nifty Daily Chart

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