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Technical Outlook

Equity benchmarks snapped four sessions losing streak and ended Tuesday’s session on a positive note amid elevated global volatility. The Nifty reclaimed 16000 mark and ended the session at 16015, up 150 points or 1%. In the coming session, index is likely to open on a on a soft note tracking mixed global cues. As the index has bounced from oversold territory. We expect index to trade with a positive bias while forming a higher high-low. Thus any pullback towards 15920-15955 should be used to create long position for target of 16039

A decisive close above previous session high (15945) signifies pause in downward momentum after recent sharp sell-off of 10% seen over past ten sessions. Going ahead, we expect index to extend the ongoing pullback towards 16300 in coming sessions. In the process, volatility is expected to remain high ahead of UP election outcome, Fed meeting amid ongoing geopolitical concerns. On the downside, key support for the Nifty is placed at 15400 which we expect to hold amid ongoing global volatility.

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