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Technical Outlook

Equity benchmarks concluded monthly expiry session on a positive note amid mixed global cues. The Nifty gained 80 points of 0.5% to settle the session at 17737. In the coming session, index is likely to open on a positive note tracking mixed global cues. We expect, index to trade with a positive bias wherein stock specific action would prevail amid progression of earning season. Hence, use dips to create intraday long positions in the range 17760-17792 for target of 17878.

Our positive bias of Nifty heading towards 18100 remains intact. However, we believe, the move towards 18100 would be in a non linear manner tracking bouts of volatility tracking global cues. Thus, a temporary breather from here on should not be construed as negative. Instead, dips should be used as buying opportunity. Broader market indices have surpassed previous week’s high after forming a higher base above 100 days EMA. We expect the Nifty midcap and small cap indices to witness catch up activity against Nifty amid advancement of earning season

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