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Technical Outlook

Equity benchmarks regained upward momentum and concluded weekly derivative expiry session on a positive note. The Nifty gained 105 points or 0.6% to end Thursday’s session at 16628. In the coming session, index is likely to witness gap up opening tracking buoyant global cues. We expect index to trade with a positive bias. Hence, use intraday dip towards 16688-16712 for creating long for target of 16798

In today’s session, the index is likely to witness gap up opening tracking buoyant global cues. Going ahead, immediate resistance of 16800 would be the monitorable as sustainability above the same would open the next leg of up move. Key point to highlight is that, the index is undergoing slower pace of retracement as over past three sessions, it retraced less than 38.2% of preceding three session’s sharp up move (15903-16695). The shallow retracement signifies elevated buying that augurs well for extension of pullback towards 16800 in coming sessions.

Nifty Daily Chart

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