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Technical Outlook

Equity benchmarks extended losses over second consecutive session amid mixed global cues. The Nifty ended weekly expiry session at 17992, down 51 points or 0.3%. In the coming session, index is likely open on a flat note amid mixed global cues. We expect, index to consolidate with a positive bias. Thus, intraday dip towards 17980-18012 should be used to create intraday long positions for target of 18097

Going ahead, we expect prolongation of consolidation in the 18300-17800 range amid stock specific action would prevail. The ongoing consolidation has hauled weekly stochastic oscillator in oversold territory (current placed at 18) and helped index to form a higher base above 100 days EMA. Eventually, we expect the index to resolve above the upper band of consolidation placed at 18300 and gradually head towards all-time high of 18900 in the coming month. Thus, extended breather from here on should be capitalised on as incremental buying opportunity as we expect the Nifty to hold the key support of 17800 in coming weeks.

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