Outlook: Nifty Analyst: Dharmesh Shah, Head – Technical The benchmark indices witnessed strong up move on Monday’s session as it recouped 80% of its previous three session’s decline (14,966-14,592) in just a single session, highlighting resilience. Going ahead, we maintain our stance of 15,400 in the coming weeks. A follow through strength above the upper band of the last four weeks’ consolidation (14,950) will lead to acceleration of the up move. Any corrective dips towards 14,600-14,700 should be capitalized to accumulate quality largecap and midcap stocks. We expect the broader market to continue with its relative outperformance amid progression of Q4FY21 earning season
ACC has remained largely unchanged in recent market volatility and traded in the range of Rs 1850-1900 levels. Despite closure in the futures open interest, the rangebound move of the stock suggests inherent strength in the stock. We expect stock to continue its upward bias and retest its April highs in the short term.
Even in the options space, the significant open interest at 1900 Call strike remained intact despite stock closing above these levels. We expect closure of these positions would trigger further up move in the stock.
EUR-INR reverted sharply from 88.8 levels as weakness in the Dollar index coupled with strong economic data provided support to the pair.
EUR-USD continued to trade higher and recent news provided positive gains which helped EUR-USD to touch 1.21 levels.
Supports
88.50
88.60
88.80
Resistances
89.50
89.75
90.00
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Reuters
ET CONTRIBUTORS