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Technical Outlook

The equity benchmark extended breather over second consecutive session tracking subdued global cues. The Nifty settled Tuesday’s session at 18182 down 105 points or 0.6%. In the coming session, the index is likely to open on a positive note amid pullback in global equity market. Index to witness pullback after last two sessions corrective decline. Volatility is likely to be high on account of weekly expiry. Stock specific action will continue to remain in focus. Hence, create long position in the range of 18200-18232 for the target of 18309, maintain stoploss at 18163.

Going ahead, we expect prolongation of consolidation in the broader range of 18500- 18000 wherein stocks specific action would prevail. Key point to highlight is that, secondary correction in a part of the primary bull trend. Thus, buying on dips strategy should be adopted in quality stocks amid progression of earning season. The broader market indices have been relatively outperforming the benchmark index, highlighting inherent strength. Key point to highlight is that, The midcap index is within 2% vicinity of its All Time High. Thus, Mid-cap stocks should be in focus amid progression of earning season

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