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Technical Outlook

Equity benchmarks started the week on a buoyant note tracking stellar move by HDFC twins. The Nifty ended the Monday’s session above the psychological mark of 18000, at18052, up 383 points, 2.3%. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect index to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dips towards 18112- 18142 for creating long position for target of 18227

The formation of higher peak and trough supported by across sector participation signifies improving price structure that makes us believe Nifty would endure its northbound journey and gradually head towards January 2022 high of 18350 in coming weeks. Key point to highlight is that, over past 19 sessions index has retraced more than 80% of 33 sessions decline. Therefore, faster pace of retracement will be the key monitor able in the coming week that would indicate structural improvement. In the process, dips from hereon should be capitalized as incremental buying opportunity

Nifty Daily Chart

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