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Technical Outlook

Equity benchmarks extended gains over third week in a row tracking firm global cues. The Nifty ended the week at 17944, up 0.5%. However, broader markets relatively underperformed the benchmark as Nifty midcap, small cap shed 1%, each. In the coming session, index is likely to open on a flat to positive note tracking firm Asian cues. We expect, index to trade with a positive bias amid elevated volatility ahead of weekly expiry week. Thus, intraday dip towards 17880-17912 should be used to create intraday long positions for target of 17997

The index logged a resolute breakout from 10 weeks falling channel, indicating resumption of primary up trend. We expect, index to endure its northbound journey and gradually head towards 18300 in coming weeks as it is 61.8% retracement of entire correction since January 2023 (18887-17353). Meanwhile, bouts of volatility tracking global cues can not be ruled out. Thus, temporary dip from here on should be capitalised on as an incremental buying opportunity. Structurally, formation of higher low signifies elevated buying demand that makes us confident to revise support base upward at 17600.

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