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Technical Outlook

Equity benchmarks extended gains and settled above 17200 mark amid firm global cues. The Nifty ended Monday’s session at 17233, up 147 points or 0.8%. In the coming session, the index is likely to open on a flat note amid mixed global cues. We expect the index to recover post initial blip and trade with a positive bias. Hence after a positive opening use intraday dip towards 17140-17170 for creating long position for target of 17257

Going ahead, we expect Nifty to endure its upward momentum and gradually head towards 17600 in coming weeks. However, the lack of faster retracement on either side makes us believe the move towards 17600 would be zigzag in nature. Over past six sessions it retraced 61.8% of preceding six sessions decline (17640-16410), indicating lack of faster retracement. Thereby, any cool off from hereon should not be construed as negative instead dips should be cpaitaslied as incremental buying opportunity

Nifty Weekly Chart

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