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Technical Outlook

Equity benchmarks recouped intraday losses and settled monthly expiry session on a positive note. The Nifty ended volatile session at 18191, up 69 points or 0.4%. In the coming session, index is likely open on a positive note tracking firm global cues. We expect, index to extend ongoing pullback towards 18300, going ahead. Thus, intraday dip towards 18270-18302 should be used to create intraday long positions for target of 18388.

Going ahead, we expect the index to trade with a positive bias and head towards upper band of the consolidation placed at 18300. We believe, past three weeks breather after 13% rally helped index to cool off weekly stochastic oscillator (currently placed at 19) and form a higher base that has paved the way for the next leg of the up move. In the process, bouts of volatility owing to global development should be capitalised on as incremental buying opportunity. The broader market indices have shown decent recovery of last week’s decline, indicating inherent strength. Going ahead, we expect the index to undergo healthy consolidation and form a higher base to ride next leg of up move.

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