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Technical Outlook

Equity benchmarks concluded the week on a positive note amid elevated global volatile. The Nifty surged 2% to settled the week at 17895. In the coming session, index is likely to open on a soft note amid positive Asian cues. We expect Nifty to endure the positive momentum while maintaining higher highlow formation. Hence, use intraday dips towards 17860-17880 for creating long position for target of 17972

The index has undergone consolidation over past two weeks after 15% rally (seen during August-September), indicating healthy consolidation. We believe, the broader structure remains intact that makes us confident to reiterate our view of Nifty heading towards 18200 in October as it is implied target of past two weeks’ major consolidation (17800-17400). Our constructive stance is based on following observations: a) Despite elevated global volatility and surge in crude oil prices, index shown resilience by maintaining the rhythm of not correcting for more than 4-5% since April 2021 b) We expect IT, BFSI and Energy to lead the rally towards 18200

Nifty Daily Chart

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