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Technical Outlook

Equity benchmarks during previous week recorded new highs as Nifty scaled to fresh all time high of 17436. The Nifty settled the week marginally higher at 17369. In the coming session, index is likely to open on a flat note amid weak Asian cues. We expect the index to trade in a range with positive bias while sustaining above 17300 levels. Hence use intraday dips towards 17290- 17315 to create long for target of 17398

We expect markets to turn stock specific, while Nifty to undergo a healthy consolidation in coming week. Hence it would be prudent to stick to buy on decline strategy to accumulate quality stocks as over past 15 months such strategy has worked well for investors. As we do not expect Nifty to breach 16900 in consolidation phase, dips towards psychological level of 17000 would offer incremental buying opportunity in coming week. Structurally, our broader positive stance is intact with Nifty gradually heading to 17600 in September 2021.

Nifty Daily Chart

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