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Technical Outlook

Equity benchmarks witnessed a roller coaster ride tracking elevated volatility amidst to Union Budget session. The Nifty ended Wednesday’s session at 17616, down 46 points or 0.3%. In the coming session, index is likely to open on a subdued note amid flat global cues. We expect, volatility to remain high amid weekly expiry wherein index to prolong ongoing consolidation. Thus, intraday pullback towards 17662-17685 should be used to create intraday long positions for target of 17573

Going ahead, we expect index to prolong the consolidation in the broader range of 18000- 17300 wherein stock specific action would prevail amid progression of earning season. Amidst elevated volatility, we expect index to hold the key support zone of 17500-17300, as it is confluence of key long term moving averages like 200 days EMA and 52 weeks EMA. Thus, extended correction from hereon should be capitalised on to accumulate quality stocks in a staggered manner. In the process, psychological mark of 18000 would act as immediate resistance on the upside

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