Nifty outlook: Technical indicators suggest turbulence ahead; stay cautious

Traders are advised to continue with a stock specific approach but keep booking timely profits as well

Last Monday, the global screen was looking extremely terrible and, thus, domestic markets too started the week around 17,450 mark. Surprisingly, after the initial hiccup, we witnessed a v-shaped recovery, not only to erase losses but also to trade in the green, above 17,600. However, it could not decouple itself from the global peers for a long time as the markets took a U-turn post the mid-session, to finally sneak below 17,400 on a closing basis.

The following session, initially, traded weak but thereafter the global markets stabilized so did ours. After entering a key support zone of 17,350