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Technical Outlook

The equity benchmark extended gains amid cool off in domestic retail inflation. The Nifty concluded Tuesday’s session at 18716, up 115 points or 0.6%. In the coming session, the index is likely to open on a positive note tracking firm global cues. We expect, index to extend upward momentum while sustaining above previous session lows of 18632. Hence, use intraday dip in June future towards 18755-18785 to create intraday long positions for target of 18872 with a stoploss of 18718. The formation of higher peak and trough supported by improving market breadth signifies inherent strength that makes us confident to reiterate our positive stance of Nifty gradually heading towards its lifetime highs of 18887 in June 2023. However, the move towards Life time high will be in a non linear manner as bouts of volatility ahead of upcoming Fed meet can not be ruled out. Thus, buy on dips strategy would remain in focus which has been fared well since March as Nifty has not corrected for more than 400 points while sustaining above its 20 days EMA, placed at 18490.

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