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Technical Outlook

Equity benchmarks snapped four sessions winning streak tracking subdued global cues. The Nifty settled weekly expiry session at 17746, down 179 points or 1%. In the coming session, the index is likely to open on a flat note amid mixed global cues. We expect buying demand to emerge around 17700 levels, hence use intraday dips towards 17710-17742 for creating long position for the target of 17827. We believe, the ongoing breather after past two weeks 1530 points rally will help daily stochastic oscillator to cool off overbought conditions (currently placed at 89) and make market healthy. Thus, any dip from here on should not be construed as negative instead dips should be capitalised as an incremental buying opportunity to ride up move towards 18200 in coming weeks as it is based on following observations:

A) 80% retracement of entire decline since October 2021 (18604-16410) is placed at 18165

B) November 2021 high is placed at 18210

Nifty Weekly Chart

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