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Technical Outlook

Equity benchmarks witnessed a range bound activity amid volatile global cues. The Nifty settled Monday’s session at 17895, down 0.3%. In the coming session, index is likely to open on a flat note amid mixed global cues. We expect, index to extend consolidation with a stock specific action amid progression of earning season wherein key support is placed at 17800. Thus, intraday dip towards 17830- 17862 should be used to create intraday long positions for target of 17948

Going ahead, we expect index to extend the ongoing conidiation in 18300-17800 range. Key point to highlight is that, the index has bounced from key support of 17800 on multiple occasions over past three weeks, indicating buying demand at elevated support base of 100 days EMA placed at 17800. Going ahead, holding the 17800 mark will keep positive option open towards upper band of the channel which is placed at 18300. Structurally, over the past six weeks, Nifty has undergone shallow 50% retracement of preceding nine weeks rally (16747-18887) indicating inherent strength.

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