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Technical Outlook

Equity benchmarks ended Wednesday's session on a subdued note tracking muted global cues. The Nifty ended the session at 17246, down 70 points or 0.4%. In the coming session, index is likely to open on a subdued note tracking muted global cues. Post initial blip we expect buying demand to emerged around 17100 levels. Hence use pullback towards 17120-17152 for creating long position for target of 17237

Eventually, we expect the index to resolve above the upper band of the ‘Andrews’ Pitchfork’ and gradually head towards 18000 in the coming month. Therefore, temporary breather should be capitalized on as incremental buying opportunity as the buy on dips strategy has been fruitful for the market participants. Our target of 18000 is based on following observations: a) 80% retracement of entire corrective phase since October 2021 (18604-15671) b) downward slanting trend line drawn adjoining OctoberJanuary highs (18604-18350)

Nifty Daily Chart

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