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Technical Outlook

Equity benchmarks endured its winning streak over fourth consecutive session tracking buoyant global cues. Nifty concluded the session at 18212 up 156 points or 0.9%. In the coming session, the index is likely to witness gap up opening tracking firm global cues. We expect index to sustain above 18200 levels amid elevated volatility owing to weekly derivative expiry. Hence use intraday dip towards 18250-18282 for creating long position for target of 18369

In line with our view, Nifty resolved above 18200 mark on a decisive note backed by across sector participation, exhibiting inherent strength which makes us confident to revise target to 18600 in the run up to budget 2022. Hence, any dip from here on should not be construed as negative instead it should be capitalised as fresh entry opportunity from medium term perspective. Our revised target of 18600 is based on following observations: a) Lifetime high is placed at 18600 b) Since June 2020, elevated buying demand emerged from 5 months’ average and subsequently life highs challenged. Currently, index rebounded from 5 months’ average.

Nifty Weekly Chart

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