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Nifty

Equity benchmarks marched northward tracking buoyant global cues. The Nifty settled Monday’s session at 18203, up 85 points or 0.5%. In the coming session, index is likely to witness gap up opening tracking buoyant global cues. We expect index to maintain higher high-low formation and endure its positive momentum. Hence, use dips to create intraday long positions in the range 18285- 18314 for target of 18404.

The index has resumed primary up trend after couple of days breather. We reiterate our positive stance and expect the Nifty to challenge the all-time high of 18600 in coming couple of weeks. The rejuvenation of upward momentum in midcap and small cap segment signifies broader market participation that augurs well for durability of ongoing up move. Thus, dips should be used as incremental buying opportunity. Structurally, The formation of higher peak and trough support by across sector participation makes us confident to revise support base upward at 17800 as it is 38.2% retracement of past three week’s rally 17100-18255

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