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Technical Outlook

Equity benchmarks concluded truncated week on a positive note amid volatile global cues. The Nifty settled the monthly expiry week at 17787, up 1.2%. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect index to resolve out of four sessions range 17840-17640 and endure its northbound journey. Hence, use dips to create intraday long positions in the range 17890-17922 for target of 18009.

We reiterate our positive stance and expect Nifty to gradually head towards 18100 in coming week amid progression of earnings season. Structurally our constructive bias remains intact which makes us confident that index will resolve above 18100 mark and eventually head towards 18600 by December 2022. Thereby, temporary breather from hereon should be used as buying opportunity as we do not expect key support of 17300 to be breached. Historically, over past two decades, Q4 returns for Nifty has been positive (average 11% and minimum 5%) on 15 out of 21 occasions (70%). The history favours buying dips from hereon

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