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Technical Outlook

Equity benchmarks snapped five day losing streak on Wednesday amid firm global cues and cool off in crude oil prices. The Nifty settled at 17136, up 177 points or 1%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect the index to continue with its previous session pullback, hence after a positive opening use intraday dips towards 17140- 17172 for creating long position for the target of 17259

Index is currently seen rebounding from the support area of 16800 being the confluence of 200-dema and 50% retracement of the entire March 2022 up move. However, only a closing above 17500 would signal acceleration of momentum, else base formation in the range of 16800-17500 is expected in the coming sessions

Nifty Daily Chart

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