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Equity benchmarks snapped two weeks rally as Nifty lost 1.1% over the week to settle at 11922. In the coming session, we expect Nifty futures to extend the ongoing corrective bias. Therefore, intraday pullback towards 11970-11992 should be used to create short position for target of 11930 The index breached rising channel contrary to our expectation, indicating pause in upward momentum as index corrected for more than 230 points for the first time since October low (11090). Going ahead, we expect the index to extend the ongoing consolidation in the broader range of (12100-11700), that would make market healthy by cooling off the overbought situation of the weekly stochastic oscillator (placed at 68).
We believe, the ongoing breather should not be construed as negative, instead it should be capitalised on as an incremental buying opportunity in quality cyclical stock as we do not foresee index to breach the key support threshold of 11700-11800, going ahead.
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