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Nifty

Equity benchmarks extended its winning streak over fourth consecutive session ahead of Fed meet. The Nifty gained 133 points or 0.7% to end the session at 18145. In the coming session, the index is likely to open on a flat note tracking mixed Asian cues. We expect the index to maintain its higher highlow formation ahead of Fed meet. Hence, use dips to create intraday long positions in the range 18140-18172 for target of 18257

The formation of higher peak and trough on the larger degree chart makes us confident to revise our target to 18600 by December 2022. In the process, we expect catch up activity to be seen in broader market amid progression of Q2FY23 earning season. Hence, bouts of volatility owing to global developments should not be construed as negative. Instead, dips should be used as buying opportunity as we do not expect index to breach the key support of 17500 in coming weeks.

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