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Market Outlook

Equity benchmarks snapped three days losing streak and settled the volatile session on a positive note. The Nifty concluded Monday’s session at 17649, up 45 points or 0.25%. In the coming session, index is likely to open on a positive note tracking mixed global cues. We expect, Nifty to stage a pullback amid oversold conditions, wherein intraday support is placed at 17600. Thus, intraday dip towards 17704- 17732 should be used to create intraday long positions for target of 17819

Going ahead, we expect volatility would remain high ahead of key event of the Union Budget coupled with US Fed meet wherein strong support is placed in the range of 17500- 17300, as it is confluence of key long term moving averages like 200 days EMA and 52 weeks EMA. Meanwhile, stochastic oscillator is poised at oversold territory, indicating possibility of pullback can not be ruled out in coming week. Thus, extended correction from hereon should be capitalised on to accumulate quality stocks in a staggered manner. In the process, 18300 would act as immediate resistance on the upside.

Nifty Daily Chart

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