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Technical Outlook

Equity benchmarks started the CY23 on a positive note. The Nifty gained 92 points of 0.5% to settle the session at 18197. In the coming session, index is likely open on a subdued note. We expect, index to regain upward momentum post initial blip and consolidate amid stock specific action. Thus, intraday dip towards 18130-18162 should be used to create intraday long positions for target of 18202

We reiterate our structural positive stance and expect index to resolve higher gradually towards all-time high of 18900 in coming month. However, the move towards 18900 would not be in a liner manner. Thus, temporary dip should be capitalised as incremental buying opportunity as we expect the Nifty to hold key support of 17800 in coming weeks. In the process, the broader market indices held their October lows and staged a decent recovery. Going ahead, we expect the index to undergo healthy consolidation and form a higher base to ride next leg of up move

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