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Technical Outlook

Equity benchmarks eked out marginal gains that resulted index to endure its winning streak over fourth consecutive session tracking recovery in the global peers. The Nifty ended Tuesday’s session at 15850, up 18 points or 0.1%. In the coming session, index is likely to witness gap down opening tracking weak global cues. The formation of lower high-low signifies retracement of last week’s pullback. Hence, use intraday dip towards 15618-15642 for creating long position for the target of 15732

The index is sustaining well above the breakout area of falling channel placed at 15800 over past two sessions. We reiterate our stance of gradual extension of ongoing pullback towards 16200 levels in coming weeks wherein immediate support is placed at 15200. However, we believe the move towards 16200 would be in a zig-zag manner as bouts of volatility owing to monthly expiry and global developments can not be ruled out. Thus, any dip towards 15400 should be used as buying opportunity to ride next leg of up move.

Nifty Daily Chart

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