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Technical Outlook

Equity benchmarks endured it's record setting spree over fourth session in a row. The Nifty settled weekly expiry session at 18812, up 54 points up or 0.3%. In the coming session, index is likely to open on a flat note tracking subdued global cues. We expect index to maintain higher high-low formation and trade with a positive bias. Thus, intraday dip towards 18875-18907 should be used to create intraday long positions for target of 19993

The formation of higher peak and trough signifies elevated buying demand that makes us confident to revise our target to 19400 in coming weeks. Key point to highlight is that current up move is backed by improving market breadth exhibiting across sector participation that augurs well for durability of ongoing structural up trend. However, we believe the move towards 19400 would be in a non linear manner as bouts of volatility amid global development can not be ruled out. Thus, dips should be capitalised on as incremental buying opportunity as we expect temporary breather to get anchored around key support of 18300.

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