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Technical Outlook

Equity benchmarks extended lackluster session amid elevated global volatility. The Nifty settled the Tuesday’s session at 16952, down 34 points or 0.2%. In the coming session, index is likely to open on a flat note tracking mixed global cues. We expect, stock specific action to prevail while sustaining above past three sessions low of 16900. Hence, use intraday dip towards 16925-16957 to create intraday long positions for target of 17043 with a stoploss of 16887. The lack of follow through strength signifies prolonged consolidation. Going ahead, holding September 2022 low of 16747 would keep pullback option open towards upper band of consolidation placed at 17200. Subsequently, a decisive close above 17200 would be necessary to revive upward momentum and fuel the acceleration in ongoing pullback rally towards 200 days EMA placed at 17500. Thus, 17200 would be the key level to watch as it is confluence of last week’s high 17207 coincided with 20 days EMA.

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