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Technical Outlook

Equity benchmarks concluded Union Budget session on a cheerful note. The Nifty ended the volatile session at 17577, up 237 points or 1.4%. In the coming session, index is likely to open on a positive note amid firm global cues. We expect, the index to trade with a positive bias while maintaining higher high-low formation. Hence use intraday dip towards 17620-17652 for creating long position for target of 17737

The formation of higher high-low on the weekly chart signifies rejuvenation of upward momentum which makes us confident that Nifty would surpass the intermediate resistance of 17600 and gradually head towards 17900 in coming weeks as it is 80% retracement of last corrective phase (18350- 16836). Nevertheless, after past four sessions 800 points rally couple of days breather can not be ruled out. However, temporary breather from hereon should not be construed as negative instead dips should be capitalised to accumulate quality stocks.

Nifty Daily Chart

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