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Technical Outlook

Equity benchmarks snapped three sessions losing streak and settled Monday’s session at 18244, up 84 points or 0.5%. In the coming session, index is likely open on a positive note tracking firm global cues. We expect index to resolve above past two sessions high of 18260. Hence, intraday dip towards 18265- 18297 should be used to create intraday long positions for target of 18384

Going ahead, we expect the Nifty to prolong the ongoing consolidation and form a higher base that would set the stage to challenge lifetime highs of 18600 in coming weeks as the broader structure remains strong. We believe, ongoing breather will help index to cool off overbought conditions (weekly stochastic is placed at 90) while sustaining above key support of 17800 wherein stock specific action would prevail. Thus, an extended breather from here on should be capitalised on as an incremental buying opportunity.

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