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Technical Outlook

Indian equity benchmarks posted strong gains to continue their record setting spree on Wednesday amid favourable sectoral government policies, below expectation inflation print boosting sentiment. In the coming session, index is likely to open on a flat note amid soft Asian cues. Volatility is likely to be high on account of the weekly expiry. We expect the index to trade with positive bias while maintaining higher highlow. Hence, use intraday dips towards 17480-17510 for creating long position for target of 17594.

We maintain our broad positive stance on the indices with immediate target of 17600 while intermediate support being placed at identical lows of last week at 17250 levels. Key monitorable will be Banking stocks which command over 35% weightage on Nifty. Banking index is seen resolving out of 7 days triangulated price action suggesting resumption of uptrend. We therefore believe that any temporary breather would offer incremental buying opportunity.

Nifty Daily Chart

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