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Technical Outlook

Equity benchmarks pared Monday’s gains tracking subdued global cues and ended Tuesday’s session at 17914, down 187 points or 1%. In the coming session, index is likely to open on a flat note amid volatile global cues. We expect, index to hold key support of 17800 mark and stage a bounce. Thus, intraday dip towards 17898-17933 should be used to create intraday long positions for target of 18015

Going ahead, we expect the index to elongation of ongoing consolidation in the 18300-17800 range. In the process, stock specific action would prevail with the onset of quarterly earnings. Key point to highlight is that the ongoing consolidation has hauled weekly stochastic oscillator in oversold territory (currently placed at 19) and helped the index to form a higher base. Thus, dips should be capitalised to accumulate quality stocks as we believe extended breather from hereon would find its feet around key support of 17500.

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