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Technical Outlook

Equity benchmarks started the week on a subdued note tracking muted global cues. The Nifty ended Monday’s session at 17675, down 109 points 0.6%. In the coming session, index is likely to witness gap down opening tracking weak global cues. The beach of past three sessions low (17650) signifies extended correction. Hence, use intraday pullback towards 17662-17692 for creating short position for target of 17576 The index is undergoing breather after a sharp rally of 1100 points in just six sessions. Going ahead, we expect the Nifty to prolong the consolidation in the broader range of 17400-18000 amid stock specific activity as we enter the Q4FY22 earning season. Hence, due to ongoing global volatility our target of 18350 has been delayed as the broader positive structure still remains intact. Therefore, dips from hereon should be used as a buying opportunity as we do not expect index to breach key support threshold of 17400

Nifty Daily Chart

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