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Technical Outlook

Equity benchmarks snapped two days losing streak tracking frim global cues. The Nifty ended the session at 17201, up 1.5%. In the coming session, index is likely to witness gap down opening tracking weak global cues. The breach of Tuesday’s low (17068) signifies corrective bias. Hence, after initial sell off use pullback towards 17088-17118 for creating short position for the target of 17001 The index is forming a higher base formation above key long term 200 days EMA. Key point to highlight is that, past three week consolidation (17500-16800) helped weekly stochastic oscillator to cool off the overbought conditions and make market healthy while discounting earnings and volatile global cues. Going ahead, we expect Nifty to hold the key support threshold of 16800 and eventually head towards upper band of consolidation placed at 17500. Thus, dips should be capitalized to accumulate quality stocks in a staggered manner. On the upside, 17500 will continue to act as immediate resistance for the Nifty

Nifty Daily Char

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