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Technical Outlook

Equity benchmarks extended breather over third consecutive session tracking muted global cues. The Nifty ended Tuesday’s session at 16416, down 153 points or 0.9%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect index to trade with a positive bias while sustaining above Tuesday’s low of 16354. Hence, use intraday dip towards 16386-16412 for creating long position for the target of 16499

The index has been sustaining above lower band of past six sessions consolidation range 16800-16400, highlighting supportive efforts at earlier range breakout zone of 16400, as per change of polarity concept. Going ahead, the Nifty holding above 16400 post RBI policy outcome coupled with a decisive close above previous sessions high (16487) would lead Nifty to challenge higher band of past oneweek consolidation at 16800 levels in coming sessions. Failure to do so would lead to prolongation of consolidation amid stock specific action.

Nifty Daily Chart

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