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Technical Outlook

Equity benchmarks started the monthly expiry week on a flat note amid elevated volatility. The Nifty settled Monday’s session tad above Friday’s close at 17855, up 2 points. In the coming session, index is likely to open on a positive note amid firm global cues. We expect it to endure its upward momentum. Hence, after a positive opening use intraday dips towards 17810-17840 for creating long position for target of 17928

Going ahead, we reiterate our positive stance and expect Nifty to surpass the psychological mark of 18000 that would eventually pave the way to head towards 18200 in coming month as it is implied target of recent consolidation breakout (17800- 17325). In the process, bouts of volatility ahead of monthly derivative expiry cannot be ruled out. Thus, temporary breather from hereon should not be construed as negative instead dips should be used as incremental buying opportunity as we do not expect Nifty to breach 17400 mark.

Nifty Daily Chart

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