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Technical Outlook

Equity benchmarks extended gains over second consecutive session tracking firm global cues. The market breadth turned positive with A/D ratio of 1.3:1. In the coming session, index is likely open on a positive note tracking positive global cues. We expect index to resolve above past two sessions high of 18260. Hence, intraday dip towards 18270- 18302 should be used to create intraday long positions for target of 18389

We believe, prolonged consolidation in the narrow range of 18400-18100 would help index to cool off the overbought conditions and eventually pave the way to challenge lifetime highs of 18600 in coming weeks as the broader bullish structure remains intact. In the process, we expect broader market to witness rejuvenation of upward momentum which will help midcap and small cap indices to witness catch up activity against benchmark. Thus, an extended breather should be capitalised on as an incremental buying opportunity as we do not expect Nifty to breach key support of 17800.

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