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Technical Outlook

Equity benchmarks traded lacklustre on Monday to start the week on softer note. The Nifty settled at 17355, down 14 points. In the coming session, index is likely to open on a positive note amid firm global cues. We expect the index to trade with positive bias while sustaining above 17300 levels. Hence after a positive opening use intraday dips towards 17320-17352 to create long for target of 17437

We expect markets to remain stock specific, while Nifty to undergo a healthy consolidation. Hence it would be prudent to stick to buy on decline strategy to accumulate quality stocks as over past 15 months such strategy has worked well for investors. Structurally, our broader positive stance is intact with Nifty gradually heading to 17600 in September 2021 as it is the price parity of July-August rally (15515-16700), projected from mid-August low of 16376. Sectoral churn amid consolidation would make overall strength healthy going ahead.

Nifty Daily Chart

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