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Technical Outlook

Equity benchmarks witnessed another lacklustre session amid muted global cues. The Nifty ended the session on a flat note at 18344, down 66 points or 0.4%. In the coming session, index is likely open on a positive note tracking firm Asian cues. We expect index to trade with a positive bias amid choppy consolidation. Thus, intraday dip towards 18348-18382 should be used to create intraday long positions for target of 18466

The index is taking breather after recent 1500 points sharp up move seen during past four weeks. We believe, ongoing breather would help index to cool off the short term overbought condition and gradually help index to form a higher base that would pave the way to challenge the all-time high of 18600 in the coming sessions and eventually head towards 18900 by December 2022. Thus, extended breather from here on should be capitalised on as incremental buying opportunity as we do not expect the index to breach the key support of 17800.

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