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Technical Outlook

Equity benchmarks endured its northbound journey over fourth consecutive week tracking buoyant global cues underpinned by lower than expected US CPI number. The Nifty settled the eventful week on a positive note at 18350, up 1.3%. In the coming session, index is likely open on a flat note amid firm global cues. Thus, intraday dip towards 18380-18412 should be used to create intraday long positions for target of 18497

We expect, Nifty to challenge all time high of 18600 in coming week and gradually head towards 18900 by December 2022. The formation of higher peak and trough on the larger degree chart supported by multi sector participation makes us reiterate our constructive stance. Thus, temporary breather from here on should be capitalized as incremental buying opportunity as we do not expect index to breach the key support of 17800. Nifty has given a resolute breakout from 13-month consolidation phase (18350- 15183) indicating end of corrective phase and beginning of structural uptrend

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