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Technical Outlook

The equity benchmark recouped last week’s losses and settled the monthly expiry week on a positive note. As a result, domestic market relatively outperformed the global peers. The Nifty settled the week at 18499, up 1.6%. In the coming session, the index is likely to open gap up amid strong global cues after U.S. leaders reached a tentative debt ceiling deal. Nifty is seen breaking above last two weeks range 18000-18500 and is expected to trade with positive bias. Hence, create long position in the range of 18620-18653 for the target of 18737, maintain stoploss at 18583.

Going ahead, we reiterate our constructive stance and expect Nifty to gradually retest life time highs of 18887 in coming month. In the process, we expect broader market to relatively outperform underpinned by 18 months consolidation breakout leading Midcap index to clock a fresh all time High. Thus, any dip from hereon should be used to build quality portfolio from medium term perspective. Breakout from ongoing consolidation (18500-18000) helped index to end at five months high, indicating

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