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Technical Outlook

Equity benchmarks endured its winning streak over third consecutive session tracking buoyant global cues amid peace talks between Russia and Ukraine. The Nifty concluded Wednesday’s session tad below 17500 at 17498, up 173 points or 1%. In the coming session, index is likely to open on a positive note tracking mixed global cues. We expect index to endure positive momentum amid rise in volatility owing to monthly expiry. Hence, use intraday dips towards 17435-17470 for creating long position for target of 17558.On expected lines, follow through strength above the upper band of falling ‘Andrews’ Pitchfork’ helped index to resolve above past eight sessions shallow consolidation (resembling flag breakout). The sequence of higher high-low formation supported by multi sector participation makes us believe, index would endure its northbound journey and gradually head towards 18100 in April. However, we believe the move towards 18100 would be non linear. Thereby, temporary breather should not be construed as negative instead dips should be capitalised on as incremental buying opportunity.

Nifty Daily Chart

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