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Nifty Daily Chart

Technical Outlook

Equity benchmarks concluded choppy trading session on a flat note. The Nifty settled weekly derivative expiry session at 17305, down 18 points. In the coming session, index is likely to open on a muted note amid subdued global cues. We expect index to extend range bound activity amid stock specific action as global volatility likely to remain high owing to escalating concerns over geopolitical issues. Thus, use dip towards 17185-17217 for creating long position for target of 17305

Key point to highlight is that, over past three sessions the index has already retraced 61.8% of preceding eight session’s decline (17794- 16810). Hence, completion of faster pace of retracement would be the key monitorable in coming sessions which would confirm rejuvenation of upward momentum. Failure to do so would lead to prolongation of consolidation in broader range of 17600-16800 amid stock specific action. In the process, we do not expect Nifty to breach the key support threshold of 16800. Thus, dips should not be construed as negative, instead dips should be capitalised as buying opportunity.

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