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Technical Outlook

Equity benchmarks concluded the eventful week on a positive note amid elevated volatility. The Nifty settled the week at 17854, up 1.4%. In the coming session, index is likely to open on a subdued note tracking muted global cues. We expect, index to prolong ongoing consolidation and form a higher base. Thus, intraday dip towards 17780-17812 should be used to create intraday long positions for target of 17897

Going ahead, we expect index to consolidate in the broader range of 18000-17300 and form a higher base that would gradually pave the way to inch upward in coming weeks as the index has approached the maturity of price and time wise correction. The Nifty has retraced its 9 weeks rally from September 2022 lows (16748-18887) by 61.8% over past nine weeks indicating the slower pace of retracement and inherent strength. Thus, use volatility during the week as buying opportunity in quality companies. While we are witnessing signs of support at lower levels near 17300, sustainability above Budget day high and 20-day ema around 18000 would expedite the up move.

Nifty Daily Chart

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