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Technical Outlook

Equity benchmarks started the truncated week on a subdued note tracking muted global cues. The Nifty ended the week at 17475, down 1.7%. In the coming session, index is likely to open gap down tracking weak global cues. We expect the index to continue with its last seven sessions corrective consolidation. Hence after a negative opening use intraday pullback towards 17385-17420 for creating short position for the target of 17303 

The index has undergone healthy retracement over past seven sessions and currently poised at the lower band of consolidation placed at 17400. We expect the index to consolidate in the broader range of 17800-17200 amid stock specific action in the coming week. The index is undergoing slower pace of retracement, as over past seven sessions it retraced less than 61.8% of preceding six sessions up move (17004- 18115). The slower pace of retracement signifies inherent strength

Nifty Daily Chart

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