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Technical Outlook

Equity benchmarks recouped intraday losses and settled the volatile session on a positive note. Nifty closed the week at 17754 levels up 42 points or 0.2%. In the coming session, index is likely to open on flat note amid mixed global cues. We expect the index to trade with positive bias amid elevated volatility owing to weekly expiry. Hence, use intraday dips towards 17710-17742 to create intraday long positions for target of 17828 with a stoploss of 17673

Going ahead, we expect index to endure its northbound journey and challenge the immediate hurdle of 17800 mark. Sustaining above which will lead to acceleration of up move towards 18050 in coming week. Thus, any dips from hereon should not be construed as negative instead dips should be capitalized to accumulate quality stocks. At present, index has bounced after retracing 44% of prior up (15183-18887) move seen over three month period and approaching price/time wise maturity of correction. Thus, we expect index to hold the key support of 17400 in coming weeks

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