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Technical Outlook

The equity benchmarks endured its northbound journey over third session in a row tracking firm global cues. Nifty closed the week at 17398 levels up 38 points or 0.2%. In the coming session, index is likely to open on a positive note tracking mixed global cues. We expect, index to trade with a positive bias and maintain its higher high-low formation. Hence, use intraday dip towards 17415- 17447 to create intraday long positions for target of 17533 with a stoploss of 17377.

We reiterate our positive stance and expect Nifty to resolve higher towards 17600 as it is confluence of 200 days EMA coincided with upper band of falling channel and the implicated target of consolidation breakout (17200-16800). Thus, any dip from hereon towards 17100 should be looked for accumulating quality stocks in a staggered manner as it is a good time to construct portfolio from medium term perspective. Key point to highlight is that, the Nifty midcap index has surpassed past two weeks high, indicating pause in downward momentum that augurs well to unfold extended pullback in coming weeks

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