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Technical Outlook

Equity benchmarks extended gains over second consecutive session tracking positive European cues. The Nifty settled Tuesday’s session at 17822, up 131 or 0.75%. In the coming session, index is likely to open on a subdued note tracking muted Asian cues. We expect Nifty to stage a pullback and maintain a higher high-low formation. Hence, use intraday dips towards 17750-17775 for creating long position for target of 17863

Going ahead, key monitorable would be the faster retracement which would lead to acceleration of upward momentum towards 18200 in coming weeks. The index has retraced 80% of past five sessions decline (17948-17452) in just two sessions, highlighting impending faster retracement. Failure to do so would lead to prolonged consolidation in 18000-17400 range amid stock specific action. The Nifty has been outperforming its global peers on a relative basis. Thus temporary cool off from hereon should be capitalised on to accumulate quality stocks as we enter the Q2FY22 earning season

Nifty Daily Chart

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