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Technical Outlook

Equity benchmarks extended gains over second consecutive session tracking mixed global cues. The Nifty ended Wednesday’s session at 18021, up 86 points or 0.5%. In the coming session, index is likely to open on a positive note tracking firm global cues. We expect, index to maintain its northbound journey while maintaining higher high-low. Thus, intraday dip towards 17980-18012 should be used to create intraday long positions for target of 18097

The index has logged a resolute breakout from 10 weeks falling channel, indicating conclusion of corrective bias that bodes well for resumption of primary up trend. We expect, index to resolve higher and gradually head towards 18300 in coming weeks as it is 61.8% retracement of entire correction since January 2023 (18887-17353). Thus, any 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 at 17600 as it is confluence of: a) 61.8% retracement of past three weeks rally 17353-18034 b) 200 days EMA is placed at 17580

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