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Technical Outlook

Equity benchmarks clocked a fresh all time high and settled the week on a buoyant note tracking firm global cues after US Fed signalled smaller rate hikes ahead and china covid related worries ebbed. The Nifty settled the week at 18696, up 1%. In the coming session, index is likely open on a positive note tracking firm global cues. We expect index to trade with a positive bias. Thus, intraday dip towards 18770-18802 should be used to create intraday long positions for target of 18887

The breakout from 13 months range supported by across sector participation signifies resumption of structural up trend that makes us reiterate our constructive stance and expect Nifty to gradually head towards 19400 in coming weeks. However, the move towards 19400 would be in a non linear manner as bouts of volatility amid global development can not be ruled out wherein we expect broader market to relatively outperform as it is resolving out of three months higher base formation. Thus, dips should be capitalised on as incremental buying opportunity as we expect any temporary breather to get anchored around key support of 18300

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