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Nifty

Equity benchmarks took a breather after two sessions up move and settled Wednesday’s session at 18157, down 45 points or 0.25%. In the coming session, index is likely to open on a subdued note tracking weak global cues ahead of US inflation data. However, post initial decline we expect supportive efforts to emerge around 18050. Hence, use dips to create intraday long positions in the range 18070-18102 for target of 18187

The sustenance above 12 months falling trend line breakout supported by multi sector participation signifies inherent strength that augurs well to reiterate out positive stance and expect the Nifty to challenge the all-time high of 18600 in coming couple of weeks. Thus, any dip from hereon owing to global volatility should not be construed as negative instead capitalise it as an incremental buying opportunity. The Nifty midcap and small cap indices resolved out of five weeks base formation above 52 weeks EMA. We expect, broader market indices to accelerate upward momentum and witness catch up activity against the Nifty

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