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Technical Outlook

Equity benchmarks endured its winning streak over third consecutive session tracking buoyant global cues. The Nifty ended Tuesday's session at 17487, up 175 points or 1%. In the coming session, index is likely to open on a positive note tracking frim global cues. We expect index to trade with a positive bias while maintaining higher high-low formation. Hence, use dips to create intraday long positions in the range 17440-17472 for target of 17557. The formation of higher high and low supported by across sector participation makes us confident to believe, index would extend ongoing up move towards psychological mark of 18000 in coming weeks. However, such a move would be in a non-linear fashion amid global volatility. Thus, any cool off from here on should not be construed as negative instead dips should be used as buying opportunity amid progression Q2FY23 earning season. Structurally, despite rise in volatility index managed to hold the psychological mark of 17000, indicating inherent strength amid elevated support base. Thereby, we revise our support to 17100-17000 zone it is confluence of: A) 100 days EMA is placed at 17103 B) current week’s low is placed at 17098.

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