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Nifty

Equity benchmarks snapped four session winning streak and concluded Wednesdays session on a subdued note ahead of US Fed event. The Nifty dropped 62 points or 0.3% to end the session at 18083. 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 high-low formation ahead of Fed meet. Hence, use dips to create intraday long positions in the range 18140-18172 for target of 18257

The index has taken a breather after > 1200 points rally over past three weeks which hauled daily stochastic oscillator in overbought conditions (placed at 90). However, the broader bullish structure remains intact as index has been forming higher peak and trough on the larger degree chart that makes us confident on reiterating our constructive stance with a target of 18600 by December 2022. Thus, 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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