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Technical Outlook

Equities extended gains over second consecutive session tracking firm global cues. The Nifty settled Wednesday’s session at 18165, up 112 points or 0.6%. In the coming session, index is likely to open on a flat note amid volatile global cues. We expect, index to extend consolidation with a stock specific action amid progression of earning season. Thus, intraday dip towards 18045-18075 should be used to create intraday long positions for target of 18160.

Going ahead, we expect the index to endure the upward momentum and gradually challenge the upper band of consolidation placed at 18300. The past six weeks slower pace of retracement helped index to form a higher base amid oversold conditions, indicating inherent strength that paved the way for next leg of up move. In the process, we expect the Nifty to hold the key support of 17800 amid ongoing global volatility. Thus, dips should be capitalised on to accumulate quality stocks as the earning season progressions.

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