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Technical Outlook

Equity benchmarks edged higher tracking firm global cues. Nifty ended Monday’s session at 17525, up 0.7%. In the coming session, index is likely to open on a soft note tracking muted global cues. We expect index to trade with a positive bias while maintaining higher high-low. Hence, use intraday dip towards 17440-17472 for creating long position for the target of 17558

Going ahead, we maintain our positive stance and expect Nifty to gradually head towards 17900 levels in coming weeks as it is 80% retracement of entire decline off October 2021 to June low (18600-15200). However, the move towards 17900 would be in a nonlinear manner tracking global volatility. Thus, any temporary breather from hereon should not be construed as negative instead dips should be capitalized as buying opportunity. Structurally, the formation of higher high-low underpinned by broader market participation makes us confident to revise support base at 17100 as it is 38.2% retracement of most recent rally (16438-17548) coincided with the last week’s low of 17155

Nifty Daily Chart

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