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Technical Outlook

Equity benchmarks snapped five sessions winning streak and concluded Tuesday’s session on a subdued note tracking weak global cues. The Nifty dipped 208 points or 1.2% to end the session at 16663. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect index to trade with a positive bias while sustaining above Tuesday’s low of 16555. Thus, any dip towards 16800-16832 should be used to create long position for target of 16919

Going ahead, we expect index to trade with a positive bias and gradually head towards 17200-17300 region in coming weeks as it is 61.8% retracement of January-March decline (18350-15672). Meanwhile, any global volatility amid Fed meet should note be construed as negative, instead dips from hereon should be capitalized as buying opportunity as we do not expect Nifty to breach the key support of 16200 in coming weeks.

5Nifty Daily Chart

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