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Technical Outlook

The equity benchmarks extended their winning streak for seventh successive session making ongoing rally strongest in five months. The Nifty gained 98 points or 0.56% to settle Tuesday’s session at 17722 levels. In the coming session, index is likely to open on a flat to positive note amid firm global cues. We expect index to trade with positive bias with immediate hurdle placed at 17800 levels ahead of the US CPI numbers. Hence, use intraday dips towards 17705-17737 in April future for creating long position for target of 17819, maintain a stoploss at 17667.

Index has reached overbought trajectory after more than 900 points rally from March lows and now poised to challenge March 2023 highs placed at 17800 levels. We expect index to eventually resolve towards 18100 levels in April 2023 and short-term dips should be used as an incremental buying opportunity. While short term support is placed at 17300 levels

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