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Technical Outlook

Equity benchmarks concluded Wednesday’s session on a flat note as Nifty lost 29 points to shut shop the session at 17063. In the coming session, index is likely to open gap down amid weak global cues. Volatility is likely to remain high on account of escalating geopolitical issues coincided with monthly expiry session. We expect index to trade with corrective bias. Thus, use intraday pullback towards 16935-16965 for creating short position for target of 16851

The escalated geopolitical issues have triggered elevated volatility in the equity market. In the process, we expect strong support for the Nifty is placed around January low of 16800 which has been held on five occasions over past two months despite elevated global volatility. Therefore, only a decisive close below 16800 would lead to further acceleration of decline towards 16400-16300 as it is confluence of:

• a) December 2021 lows of 16410

• b) Equality of current down leg from February high of 17794, with midJanuary decline (18350-16836), at 16300

Nifty Daily Chart

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