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Technical Outlook

Equity benchmarks endured its record setting spree over eight consecutive week as Nifty hit all-time high of 17948 despite global volatility. The Nifty settled the week at 17853, up 1.5%. In the coming session, index is likely to open on a positive note amid firm global cues. We expect it to continue with its current positive momentum while maintaining higher highlow. Hence, after a positive opening use intraday dips towards 17885-17912 for creating long position for target of 17997.

Our structural positive stance for Nifty remains intact as we expect Nifty to surpass psychological mark of 18000 and gradually head towards 18200 in coming month as it is implied target of recent consolidation breakout (17800-17325). The constructive stance on the market is based on following observations: a) The rallies are getting elongated followed by shallow corrections as intermediate corrections have been arresting within 3-4% since April 2021, highlighting robust price structure b) Indian equities are expected to extend its relative outperformance to global peers as it endured its record setting spree

Nifty Daily Chart

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