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Technical Outlook

Equity benchmarks traded lacklustre after hitting fresh highs as profit booking in IT and Banking heavyweights weighed while Telecom and consumption stocks held in green. The Nifty closed the session at 17362, down marginally by 0.1%. In the coming session, index is likely to open on a flat to positive note amid firm Asian cues. We expect the index to trade in a range with positive bias while sustaining above 17300 levels. Hence use intraday dips towards 17320-17350 to create long for target of 17437.

Sectoral churn and participation of multiple sectors in rotation is a sign of healthy uptrend. We therefore maintain our positive stance and expect Nifty to gradually head towards our revised target of 17600 in September 2021. Meanwhile, after 1000 points gain in 11 sessions, the bouts of volatility at higher levels should not be construed negatively. Hence, we recommend sticking to a buy on decline strategy in current truncated week to accumulate quality stocks as over past 15 months such strategy has worked well

Nifty Daily Chart

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