The Nifty settled the Monday’s session at 14485 up 144 points or 1%. In the coming session - ICICI Direct
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Technical Outlook
Equity benchmarks started the expiry week on a buoyant note tracking upbeat global cues. The Nifty settled the Monday’s session at 14485 up 144 points or 1%. In the coming session, we expect index to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 14440-14465 to create long for target of 14554.
Going ahead, we reiterate our positive stance on the market and expect index to gradually head towards upper band of falling channel placed at 14800 in coming months. In line with our view, Bank Nifty staged a strong pullback that led Banking index to resolve above past two weeks high, indicating rejuvenation of upward momentum. We believe, follow through strength in banking would drive index higher as financials carry 38% weightage in Nifty. Thereby, expiry induces volatility from here on 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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