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Technical Outlook

Equity benchmarks concluded eventful week on a subdued note amid elevated volatility. Nifty closed the week at 16945 levels down 1%. In the coming session, index is likely to open on a positive note tracking firm global cues. However, formation of lower high-low, indicating corrective bias. Hence, use intraday pullback towards 17045-17075 to create intraday short positions for target of 16957 with a stoploss of 17113. In the upcoming truncated week, holding September 2022 low of 16747 would keep pullback option open towards upper band of consolidation placed at 17200. Subsequently, a decisive close above 17200 would revive upward momentum and fuel the acceleration in ongoing pullback rally towards 200 days EMA placed at 17500. Thus, 17200 would be the key level to watch as it is confluence of last week’s high 17207 coincided with 20 days EMA. We believe, index is undergoing time-wise correction amid oversold conditions. Thus, traders should refrain from creating aggressive short positions, instead look for accumulating quality large caps in a staggered manner as it is a good time to construct portfolio from medium term perspective.

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