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Technical Outlook

Equity benchmarks extended gains over second consecutive session. The Nifty ended Tuesday’s session at 14653, up 168 points or 1.2%. In the coming session, we expect index to trade with a positive bias while maintaining a higher high-low, highlighting elevated buying demand. Hence, use intraday dip towards 14610-14635 to create long for target of 14724.

The formation of higher high-low backed by improving market breadth and across sector participation highlights inherent strength that augurs well for index to march towards upper band of falling channel placed at 14800 in coming weeks. Key point to highlight is that, Nifty, Bank Nifty has maintained rhythm of not correcting more than 9% and 20% respectively since March 2020, highlighting broader bullish structure is intact. Thereby, any dip from here on owing to expiry induces volatility should be capitalised to accumulate quality large and mid caps as we expect stock specific action to continue amid ongoing Q4FY-21 result season.

Nifty Daily Chart

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