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Technical Outlook

Equity benchmarks endured its northbound journey over third consecutive session tracking buoyant global cues. The Nifty rose 217 points or 1.2% to settle monthly expiry session at 18484. In the coming session, index is likely open on a flat note tracking muted global cues. We expect index to trade with a positive bias while maintaining higher highlow formation. Hence, intraday dip towards 18560-18592 should be used to create intraday long positions for target of 18680

Going ahead, we reiterate our constructive stance of Nifty challenging all-time high of 18600 and gradually head towards 18900 by December 2022. The index has resolved out of past two weeks trading range 18400-18100 underpinned by across sector participation, indicating rejuvenation of upward momentum. In the process, we expect broader market to witness catch up activity against benchmark. Thus, dips should be capitalised on as an incremental buying opportunity. Structurally, breakout from higher base formation above 20 days EMA signifies elevated buying demand that makes us confident to revise support base at 18100

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