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Technical Outlook

Equity benchmarks snapped two sessions decline and started the week on a positive note. The settled Monday’s session 17622, up 91 points or 0.5%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect the index to trade with positive bias while forming higher high-low. Hence after a positive opening use intraday dips towards 17680- 17712 for creating long position for the target of 17797

Going ahead, we expect Nifty volatility would remain high ahead of Fed meet outcome wherein index would consolidate and forma a higher base to pave the way towards January 2022 high of 18300 by October. In the process, strong support is placed at 17300 which we do not expect to breach. The index is undergoing healthy consolidation which will help to cool off the overbought conditions. Empirically, secondary correction in an integral part of the bull market that paves the way for next leg of up move. Thus, ongoing breather should not be construed as negative, instead dips should be capitalized to accumulate quality stocks.

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