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Technical Outlook

Equity benchmarks extended breather over second consecutive session tracking muted global cues. The Nifty settled the week at 17845, down 0.6%. In the coming session, index is likely to open on a flat to positive note tracking firm Asian cues. We expect, index to trade with a positive bias amid elevated volatility ahead of weekly expiry week. Thus, intraday dip towards 17800-17830 should be used to create intraday long positions for target of 17917

The index is taking breather after resolving out of 10 week’s falling channel, indicating healthy consolidation. We expect the index to resume its northbound journey and gradually head towards 18300 in coming weeks as it is 61.8% retracement of the entire correction since January 2023 (18887-17353). Meanwhile, bouts of volatility tracking global cues cannot be ruled out. Thus, a temporary dip from here on should be capitalised on as an incremental buying opportunity. Structurally, formation of higher low signifies elevated buying demand that makes us confident to revise support base upward at 17600

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