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Technical Outlook

Equity benchmarks snapped two sessions losing streak tracking buoyant global cues. The Nifty concluded Tuesday’s session at 17930, up 159 points or 0.9%. In the coming session, index is likely to open on a subdued note tracking muted global cues. We expect, buying demand to emerge from intraday support of 17800 mark post initial blip. Thus, intraday dip towards 17810-17840 should be used to create intraday long positions for target of 17925

Going ahead, a decisive move above the upper band of consolidation coinciding with Budget day high (placed around 18000) will confirm conclusion of corrective bias and open the door for up move towards 18300 in coming weeks as it is 61.8% retracement of entire correction since January 2023 (18887- 17353). Thus, temporary breather should be capitalised on as an incremental buying opportunity. Structurally, formation of higher low signifies elevated buying demand that makes us believe any temporary breather from here on would get anchored around 17400as it is confluence of: a) 61.8% retracement of October-December rally 16748-18887 b) price parity of Sept-22 decline (18096-16747) projected from All time high of 18887 c) Long term 52 weeks EMA is placed at 17450.

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