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Technical Outlook

Equity benchmark concluded Wednesday’s volatile session on a flat note. The Nifty closed at 17547, up 15 points or 0.1%. In the coming session, index is likely to open on a positive note amid buoyant global cues. We expect index to trade with a positive bias amid elevated volatility owing to weekly derivative expiry. Hence, use intraday dip towards 17595-17625 for creating fresh long position for target of 17715

The Nifty has formed a higher base above key support threshold of 17200 after recent breather which makes us believe, index would resolve higher and gradually head towards upper band of consolidation placed at 17800. Going head, we expect, BankNifty (which carries 37% weightage in Nifty) along with beaten down sector like metals would drive index higher. Therefore, any dip from hereon should be capitalized as incremental buying opportunity as we do not expect index to breach the key support of 17200.

Nifty Daily Chart

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