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Technical Outlook

Equity benchmarks pared last two weeks gains and concluded the week on a negative note weighed by rising US bond yields. The Nifty settled at 14744, down by 1.9%. In the coming session, Nifty future is likely to open on a flat note tracking mixed global cues. We expect the index to trade with a positive bias while maintaining higher highlow formation. Hence, use intraday dip towards 14680-14705 to create long position for target of 14793.

In the coming week, we expect volatility to remain high, wherein index would consolidate with a positive bias in the broad range of 14400-15000 amid stock specific action. Therefore, any dip from here on should not be construed as negative, instead it should be capitalised as an incremental buying opportunity to ride prevailing major uptrend. A decisive close above psychological 15000 would confirm conclusion of ongoing corrective phase with an extended target of 15300.

Nifty Weekly Chart

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