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Technical Outlook

Equity benchmarks concluded weekly derivative expiry session on a positive note tracking firm global cues. The Nifty settled Wednesday’s session at 15175, up 76 points or 0.5%. In the coming session, Nifty future is likely to open with a positive gap tracking firm global cues.

We expect the index to maintain positive bias as over past couple of sessions intraday dips were bought into. Hence, post gap up opening use intraday dip towards 15327-15353 to create long position for target of 15442. The index is opening with a strong positive gap tracking buoyant global cues leading Nifty to resolve above immediate resistance of 15270 and consequently challenge life highs (15432).

On a smaller degree chart this development will result in a faster retracement as index will retrace past five sessions consolidation (15273-14862) in just a single session, indicating robust price’s structure. We expect index to head towards our earmarked target of 15500 in coming sessions. Meanwhile, 14900 would act as immediate support.

Nifty Daily Chart

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