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Technical Outlook

Equity benchmarks snapped three sessions losing streak and started the monthly expiry week on a positive note. The Nifty ended Monday’s session at 17222, up 69 points or 0.4%. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect index to trade with a positive bias while forming a higher highlow, indicating continuance of positive bias. Hence, use intraday dips towards 17290- 17322 for creating long position for target of 17409

The index is undergoing a shallow retracement as over past six sessions index has retraced less than 23.6% of preceding 8 sessions up move. The shallow retracement exhibits inherent strength that makes us believe, the index would resolve above the upper band of the ‘Andrews’ Pitchfork’ (placed around 17300) and gradually extend ongoing up move towards 18000 in April. In the process, we do not expect Nifty to breach the key support of 16800-16700. Hence, dips should be capitalized on as incremental buying opportunity.

Nifty Daily Chart

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