Equity benchmarks regained upward momentum tracking firm global cues ahead of US inflation data - ICICI Direct
Technical Outlook
Equity benchmarks regained upward momentum tracking firm global cues ahead of US inflation data. The Nifty ended the session at 18608 up 111 points or 0.6%. In the coming session, index is likely open on a positive note tracking buoyant global cues. We expect index to trade with a positive bias while maintaining higher high-low formation. Thus, intraday dip towards 18740-18772 should be used to create intraday long positions for target of 18859
We expect index to resolve higher and challenge the upper band of consolidation placed at 18900. Eventually, we expect index to head towards 19400 in January 2023. Post the Fed event, we expect a directional move to accelerate towards 19400 as the broader bullish structure remains intact.Nifty midcap index is sustaining above the triangle breakout area, indicating rejuvenation of upward momentum. Key point to highlight is that ratio chart of Nifty 500/Nifty 100 has turned up from lower band of one-year range, indicating outperformance of midcap/small caps. We expect both indices to head towards lifetime highs in coming weeks
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