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Technical Outlook

Equity benchmarks concluded choppy trading session on a flat note amid firm global cues. The Nifty settled Monday’s session at 18329, down 0.2%. In the coming session, index is likely open on a positive note amid mixed global cues. Thus, intraday dip towards 18350-18382 should be used to create intraday long positions for target of 18469

We reiterate our positive stance and expect the Nifty to challenge the all-time high of 18600 in the coming week, consequently paving the way towards 18900 by December 2022. The formation of higher peak and trough on the larger degree chart supported by multi sector participation signifies inherent strength. Thus, temporary breather from here on should be capitalised on as incremental buying opportunity as we do not expect the index to breach the key support of 17800. the Nifty has given a resolute breakout from 13 month consolidation phase indicating end of corrective phase and beginning of structural uptrend

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