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Technical Outlook

Equity benchmarks taken a breather after two days up move tracking volatile global cues. The Nifty settled Monday’s session at 16988, down 112 or 0.65%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect index to resolve above last session’s hammer like candle and form a higher high-low formation. Hence, use intraday dips towards 16990- 17018 to create intraday long positions for target of 17105 with a stoploss of 16952.

Key point to highlight over past three sessions is that, despite host of negative news globally, index has absorbed the anxiety around the global uncertainties. As a result, Nifty managed to hold the key support threshold of 16800, highlighting buying demand at key support. Going ahead, sustainability above immediate hurdle of 17200 would pave way for a meaningful pullback towards 17600 by the end of March 2023, as it is confluence of 200 days EMA coincided with last week’s high. Thus, traders should refrain from creating aggressive short positions.

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