The equity benchmarks started the truncated week on a flat note tracking muted global cues. The Nifty gained 25 points to settle Monday’s session at 17624 levels. In the coming session, index is likely to open on a flat to positive note tracking mixed global cues. The index has rallied >850 points over past two weeks which hauled daily stochastic oscillator in overbought territory (currently placed at 93), indicating temporary breather at higher levels can not be ruled out. Hence, use intraday pullback in April future towards 17750-17782 to create intraday short positions for target of 17665 with a stoploss of 17819.
Going ahead, sustainability above 17600 would be key monitorable as that would confirm revival in upward momentum and gradually pave the way towards 18100 in April 2023. Failure to do so would lead to couple of days breather amid stock specific action that would help index to form a higher base and make market healthy. Thus, any dips from here on should be capitalized to accumulate quality stocks in a staggered manner.
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