The Nifty ended the session at 14896, up 106 points or 0.7% - ICICI Direct
Technical Outlook
Equity benchmarks concluded weekly derivative expiry session on a buoyant note and recorded a fresh all-time high of 14914. The Nifty ended the session at 14896, up 106 points or 0.7%. In the coming session, we expect index to maintain a higher high-low formation (amid volatility owing to RBI policy) as intraday dips were bought into over past couple of sessions. Hence, use intraday dips towards 14840-14865 to create long position for the target of 14958.
Going ahead, we expect the Nifty to endure its winning streak and head towards our earmarked target of 15000 in coming sessions. Key point to highlight is that, past four sessions ~1320 points rally hauled daily stochastic oscillator to the overbought territory (at 95), indicating a couple of days temporary breather at higher levels cannot be ruled out. However, we believe, temporary breather would materialise only upon a decisive close below previous sessions low (14715). Meanwhile, support base has been revised upward at 14400.
Nifty Daily Chart
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