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Technical Outlook

Equity benchmarks extended the losses over second consecutive session tracking subdued global cues. The Nifty concluded the session at 17530, down 145 points 0.8%. In the coming session, index is likely to open on a flat note amid positive Asian cues. We expect, index to trade with a positive bias while sustaining above key support of 17400. Hence, use intraday pullback towards 17475- 17505 for creating short position for target of 17593

Going ahead, we expect index to form a higher base above key support threshold of 17400 and gradually resolve higher towards upper band of consolidation placed at psychological mark of 18000. Key point to highlight during current up move off March low (15671) is that, on couple of occasions index has arrested secondary correction within 61.8% retracement of prevailing up move. In the current scenario as well index maintained the same rhythm as supportive efforts emerged from 61.8% retracement of prevailing up move (17004-18115).

Nifty Daily Chart

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