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Technical Outlook

Equity benchmarks witnessed a lacklustre session amid muted global cues. The Nifty ended the Monday’s session at 17765, down 89 points or 0.5%. In the coming session, index is likely to open on a positive note tracking firm Asian cues. We expect, stock specific activity to prevail amid range bound activity. Thus, intraday dip towards 17760- 17792 should be used to create intraday long positions for target of 17879

Going ahead, we expect the index to extend the consolidation in the broader range of 18000-17300 and form a higher base. In the process, stock specific action would continue amid progression of earning season. Key point to highlight is that, the index has approached the maturity of price and time wise correction. The Nifty has retraced its nine week’s rally from September 2022 lows (16748-18887) by 61.8% over past nine weeks indicating the slower pace of retracement and inherent strength. Thus, use volatility during the week as buying opportunity in quality companies. While we are witnessing signs of support at lower levels near 17300, sustainability above Budget day high and 20- day EMA around 18000 would expedite the up move.

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