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Technical Outlook

Indian equity benchmarks maintained winning streak for eighth session in a row ahead of domestic and US CPI numbers and onset of Q4 earnings. The Nifty gained 90 points or 0.50% to settle at 17812. In the coming session, index is likely to open on a flat note amid mixed global cues. We expect index to trade in a range with positive bias amid stock specific action. Hence, use intraday dips towards 17770-17805 in April future for creating long position for target of 17887, maintain a stoploss at 17733. Nifty gained almost 1000 points from March low of 16828 and surpassed previous month high for first time since December 2022 indicating positive turnaround on monthly timeframe. However, given sharp rally of past few sessions has led daily stochastics in overbought trajectory. For coming session, sustainability above 17800 would lead to further acceleration of ongoing momentum else minor profit booking cannot be ruled out. We expect index to gradually head towards 18100 in April and short term dips if any would offer incremental buying opportunity. Index has strong support at 17300 levels

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