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Nifty

Equity benchmarks defied the broad scepticism extending winning streak for third week in a row. The Nifty started the November month on a positive note gaining 1.8% to settle the week at 18117. In the coming session, index is likely to witness gap up opening tracking buoyant global cues. We expect index to maintain higher high-low formation and endure its positive momentum. Hence, use dips to create intraday long positions in the range 18189-18221 for target of 18307.

Going ahead, we reiterate our constructive stance and expect the Nifty to challenge the all-time high of 18600 in coming couple of weeks. In the process, bouts of volatility owing to global uncertainty should be used as incremental buying opportunity as it will help short term indicators to cool off the overbought conditions. Structurally, breakout from one year falling trend line confirms structural improvement that augurs well to revise support base at 17500 as it is 50% retracement of past three week’s rally 16950- 18178

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