Going ahead, we expect index to gradually surpass immediate hurdle of 18300 - ICICI Direct
Technical Outlook
The Nifty recovered Friday’s decline and concluded Monday’s session on a positive note tracking strong global pullback. The Nifty settled the session at 18264, up 195 points or 1.1%. In the coming session, the index is likely to open on a flat note amid muted global cues. We expect the index to continue with its positive momentum while maintaining higher high-low. Hence, create long position in the range of 18250-18283 for the target of 18363, maintain stoploss at 18213
Going ahead, we expect index to gradually surpass immediate hurdle of 18300 and eventually head towards 18500. Key point to highlight is that, Monday’s sharp up move was backed by improving market breadth underpinned by across sector participation, highlighting inherent strength. Thus, temporary breather from here on amid global volatility should be used to accumulate quality stocks. The broader market indices endured their upward momentum as Nifty midcap, small cap maintained higher high-low formation on the weekly chart. Thus, broader market should be in focus amid progression of earning season
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