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Technical Outlook :

Equity benchmarks continued its southbound journey tracking muted global cues. The Nifty ended monthly expiry session at 17511, down 43 points. In the coming session, index is likely to open on a flat to positive note tracking mixed global cues. Index is expected to attempt a pullback from the oversold territory amid stock specific activity. Hence, use intraday dips towards 17535-17567 for creating long position for the target of 17653. The index continued to drift downward over fifth consecutive session. The formation of a lower high-low on the weekly chart signifies corrective bias. Going ahead, to pause the ongoing corrective phase, the index needs to decisively close above the previous session’s high that would open the door for a meaningful pullback towards 18000. Failure to do so will lead to prolonged corrective bias amid global volatility would prevail while absorbing anxiety around a prolonged rate hike. In the process, immediate support for the market is placed around 17200.

Nifty Daily Chart :

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