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Technical Outlook

Equity benchmarks extended gains over fifth consecutive session and clocked a fresh all time high of 18614 amid falling crude oil prices. The Nifty settled Monday's session at 18563, up 50 points up or 0.3%. In the coming session, index is likely open on a flat note tracking recovery in Asian peers. We expect index to endure its upward momentum while maintaining higher high-low. Thus, intraday dip towards 18610-18641 should be used to create intraday long positions for target of 18729

The formation of higher peak and trough supported by southward drifting crude oil prices makes us reiterate our positive stance and expect Nifty to head towards 18900 in coming month. In the process, we expect midcaps to relatively outperform as it approaches maturity of price/time wise correction. Thus, temporary breather from here on should be capitalised on as incremental buying opportunity as we do not expect index to breach the key support of 18100

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