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Technical Outlook

Equity benchmarks recouped last sessions decline and settled on a positive note tracking global recovery ahead of US Fed meet. The Nifty concluded the session at 17108, up 119 or 0.7%. In the coming session, index is likely to open on a flat to positive note tracking firm global cues. We expect index to trade with a positive bias while maintaining higher highlow amid elevated volatility ahead of US FED meet. Hence, use intraday dips towards 17089-17121 to create intraday long positions for target of 17207 with a stoploss of 17053. The index has anchored ongoing corrective move around lower band of falling channel amid oversold conditions, highlighting supportive efforts at key support threshold of 16800 while absorbing the anxiety around the global uncertainties. Going ahead, immediate hurdle of 17200 would be the key monitorable as sustainability above the same would open the door for a meaningful pullback towards 17600 by the end of March 2023, as it is confluence of 200 days EMA coincided with last week’s high. Thus, traders should refrain from creating aggressive short positions.

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