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Technical Outlook

Equity benchmarks concluded a volatile week on a subdued note amid concerns over geopolitical issues. The Nifty lost 0.5% to end the week at 17280. In the coming session, index is likely to witness subdued opening tracking muted global cues. We expect volatility to remain high owing to ongoing geopolitical issue wherein we expect buying demand to emerge around 17100.Thus, use intraday dip towards 17105-17137 for creating long position for target of 17223

Key point to highlight is that, in the ongoing corrective move (since mid-January 2022) the index has failed to sustain above previous week’s high. Therefore, in the coming expiry week, a decisive close above last week’s high (17490) along with cool off in India VIX (that gauges market sentiment) would be the key monitorable that would set the stage for a gradual move towards 17800 in coming weeks as it is confluence of: a) 61.8% retracement of mid-January decline (18350-16836), is at 17772 b) February high is placed at 17794.

Nifty Daily Chart

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