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Technical Outlook

Select private banking stocks along with IT space led Nifty highest close at 17380, up 24 points or 0.14%. The relative outperformance of Midcap (+1.2%) and small cap indices led to a positive market breadth in Tuesday’s session. In the coming session, index is likely to open on a flat to positive note amid muted Asian cues. We expect the index to continue with its last five sessions consolidation while holding above 17350. Hence, use intraday dips towards 17350-17385 for creating long position for target of 17467.

We expect markets to remain stock specific, while Nifty to undergo a healthy consolidation. Hence it would be prudent to stick to buy on decline strategy to accumulate quality stocks as over past 15 months such strategy has worked well for investors. Structurally, our broader positive stance is intact with Nifty gradually heading to 17600 in September 2021 as it is the price parity of July-August rally (15515-16700), projected from mid-August low of 16376. Sectoral churn amid consolidation would make overall strength healthy going ahead

Nifty Daily Chart

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