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Technical Outlook

Equity benchmarks concluded the weekly expiry session on a subdued note tracking muted global cues. The Nifty ended Thursday’s session at 17640, down 168 points, 0.9%. In the coming session, index is likely to open on a flat note amid muted global cues. The slower pace of retracement signifies healthy correction. Thus, we expect buying demand to emerge at lower levels post RBI Policy outcome. Hence, use intraday dips towards 17706-17738 for creating long position for target of 17795 Key point to highlight is that, over past three sessions index has retraced 61.8% of preceding two sessions up move. Lack of faster retracement signifies healthy retracement of recent up move that would help the index to cool off the overbought conditions and pave the way for next leg of up move as the elongation of rally signifies improving price structure. Hence, investors should focus on buy on dips strategy as we expect buying demand to emerge in the 17700-17500 zone

Nifty Daily Chart

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