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Technical Outlook

The equity started the monthly expiry week on a positive note and settled Monday’s session at 17743, up 119 points or 0.7%. In the coming session, index is likely to open on a positive note tracking mixed global cues. The formation of higher high-low after 5 sessions corrective phase signifies revived positive momentum in the coming session. Hence, use intraday pullback in April future towards 17700-17732 to create intraday long positions for target of 17817 with a stoploss of 17663

Going ahead, we expect Nifty to attempt to challenge the upper band of ongoing consolidation placed at 17800 in coming sessions. Further, a sustained move above 17800 would signal end of ongoing corrective phase and open further upsides amid Q4 earnings and monthly expiry. Structurally, key point to highlight is that, the index retraced nine sessions rally (16913-17863) by just 30% over past six sessions indicating slower retracement which is indicative of a healthy consolidation above 200 day ema(17500). We believe, that ongoing consolidation would make market healthier and result in a higher base formation to ride next leg of up move

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