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Technical Outlook

Equity benchmarks snapped five weeks winning streak and concluded the week on a negative note tracking weak global cues. The Nifty settled the week at 17532, down 1.8%. In the coming session, index is likely to open on a flat note amid subdued Asian cues. We expect Nifty to hold the intermediate support of 17400 in today’s session. Hence, use intraday dips towards 17445-17485 for creating long position for target of 17569

Over past five sessions index has retraced 80% of preceding four sessions up move (17326-17948). The slower pace of retracement signifies healthy consolidation amid stock specific action. Going ahead, we expect index to prolong the ongoing consolidation in the broader range of 17800- 17200 amid global volatility and ahead of Q3 earnings. In the process, we expect Nifty to maintain the rhythm of not correcting for more than 4-5% observed since April 2021. We believe the ongoing correction after 15% rally would make market healthy and offer a fresh entry opportunity

Nifty Daily Chart

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