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Technical Outlook

Equity benchmarks snapped past two sessions winning streak and concluded volatile session on a negative note. The Nifty settled Wednesday's session at 17646, down 176 or 1%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect Nifty to hold the intraday support of 17650 and march northward. Hence, use intraday dips towards 17675-17705 for creating long position for target of 17798

The index has taken three sessions to retrace 80% of past five sessions decline (17948-17452). The lack of faster retracement on either side signifies prolonged consolidation in the 18000-17400 range amid stock specific action that would make market healthy after 15% rally seen over past two months. Key point to highlight since April 2021 is that, the Nifty has not corrected for more than 4-5% from recent swing highs. We expect index to maintain same rhythm. Hence, extended correction from hereon should not be construed as negative instead dips should be capitalised on to accumulate quality stocks

Nifty Daily Chart

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