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Technical Outlook

Equity benchmarks started the week on a buoyant note as the Nifty gained 159 points or 0.9% to end Monday’s session at 17691. In the coming session, index is likely to open on a negative note tracking weak global cues. We expect Nifty to hold the intermediate support of 17500 and stage a pullback. Hence, use intraday dips towards 17550-17575 for creating long position for target of 17665

Going ahead, we expect the index to resolve higher and challenge the upper band of consolidation placed at 17800 in coming sessions. Key point to highlight is that the index has maintained the rhythm of not correcting for more than four sessions in a row since mid-March 2021 as elevated buying demand emerged from 20 days EMA, which has been held since April 2021, highlighting inherent strength. Thus, any dip from here on should be capitalised on to accumulate quality stocks as we enter the Q3FY22 earning season

Nifty Daily Chart

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