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Technical Outlook

Equity benchmarks bucked the global corrective trend and settled Tuesday’s session on a positive note as Nifty gained 46 points or 0.3%. In the coming session, index is likely to open on a positive note amid muted global cues. We expect Nifty to endure its positive momentum while sustaining above the psychological mark of 18000. Hence, use intraday dips towards 17980-18010 for creating long position for target of 18097.

Going ahead, we reiterate our positive stance and expect Nifty to gradually head towards 18200 in October as it is implied target of past two week’s major consolidation (17800-17400). Key point to highlight is that the Bank Nifty scaled to a fresh all time high after logging a resolute breakout from past three week’s consolidation (38200-36500), indicating acceleration of upward momentum. We believe, the revived traction in banking stock would drive index higher as Bank Nifty carries 37% weightage in Nifty. Thus, bouts of volatility owing to global volatility should not be construed as negative instead dips should be capitalised on to accumulate quality stocks

Nifty Daily Chart

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