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Technical Outlook

Equity benchmark took a breather after two sessions up move. The Nifty ended weekly expiry session at 18108, down 58 points or 0.3%. In the coming session, index is likely to open on a flat note tracking muted global cues. We expect, index to trade with a positive bias while sustaining above intermediate support of 18100. Thus, intraday dip towards 18055-18087 should be used to create intraday long positions for target of 18174

Going ahead, we expect the index to trade with a positive bias and gradually head towards upper band of consolidation placed at 18300. In the process, stock specific action would prevail amid progression of earning season. Key point to highlight is that, past six week’s slower pace of retracement helped the index to form a higher base amid oversold conditions, indicating inherent strength that paved the way for the next leg of the up move. We expect the Nifty to hold the key support of 17800 amid ongoing global volatility. Thus, dips should be capitalised on to accumulate quality stocks.

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