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Technical Outlook

Equity benchmarks continued to march upward tracking fall in US Dollar index and Crude oil prices. The Nifty ended Tuesday’s session at 18403, up 74 points or 0.4%. In the coming session, index is likely open on a flat note amid mixed global cues. We expect index to endure its positive momentum. Thus, intraday dip towards 18395-18422 should be used to create intraday long positions for target of 18510

We expect index to endure its northbound journey and challenge the all-time high of 18600 in the coming sessions, consequently paving the way towards 18900 by December 2022. The elongation of rallies along with shallow retracement signifies inherent strength that augurs well extension of ongoing up move. Thus, a temporary breather from here on should be capitalised on as incremental buying opportunity as we do not expect the index to breach the key support of 17800. Structurally, the formation of higher peak and trough signifies elevated buying demand that makes us confident to retain support base at 17800 as it is 38.2% retracement of past four week’s rally 16950- 18428

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