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Technical Outlook

Equity benchmarks started the expiry week on a positive note. The Nifty settled Monday’s session at 15198, up 22 points or 0.2%. In the coming session, index is likely to open with a positive gap tracking buoyant global cues. We expect Nifty futures to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 15230-15255 to create long for target of 15342

We expect index to endure its winning streak and eventually challenge lifetime high of 15400 in coming sessions. The formation of higher peak and trough on the larger degree chart backed by improving market breadth highlights inherent strength that makes us confident to revise our target to 15700 for the month of June 2021, as it is 123.6% external retracement of Feb-April Correction (15432-14151). Thereby, bouts of volatility owing to expiry week should be capitalised as incremental buying opportunity in quality large cap and mid-caps

Nifty Daily Chart

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