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Technical Outlook

Equity recouped last sessions decline and settled Tuesday’s session at 18053, up 158 points or 0.9%. In the coming session, index is likely to open on a flat note amid mixed global cues. We expect, index to extend consolidation with a stock specific action amid progression of earning season wherein key support is placed at 17800. Thus, intraday dip towards 17830-17862 should be used to create intraday long positions for target of 17948

Going ahead, we expect the index to resolve higher and gradually challenge the upper band of consolidation placed at 18300. Key point to highlight is that, over the past six weeks, the Nifty has undergone shallow retracement as it retraced 50% of preceding nine week’s rally (16747-18887) indicating inherent strength that has helped index to form a higher base and paved the way for next leg of up move. In the process, we expect Nifty to hold the key support of 17800 amid ongoing volatility. Thus, dips should be capitalised to accumulate quality stocks amid progression of earning season.

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