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Technical Outlook

Equity benchmarks extended breather tracking muted global cues. The Nifty concluded Monday’s session at 17771, down 86 points or 0.5%.. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect, index to consolidate in 17700-17900 range amid positive bias. Thus, intraday dip towards 17725-17755 should be used to create intraday long positions for target of 17843

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, any dip from here on should not be construed as negative. Instead, capitalise on it as an incremental buying opportunity. in past four instances since Covid lows, corrective phases have matured after ~9% price wise decline and 10 week’s of time wise correction. In the current context, with 8% correction from highs over 10 weeks, we expect current consolidation to mature and the Nifty to resume its uptrend in coming week

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