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Technical Outlook

The equity benchmark kick started the week on a buoyant note propelled by sharply lower inflation number. The Nifty gained 84 points or 0.5% to settle the Monday’s session at 18398. In the coming session, the index is likely to open on a positive note amid firm global cues. Index to continue with its positive momentum while maintaining higher high-low amid stock specific action. Hence, create long position in the range of 18390-18422 for the target of 18505, maintain stoploss at 18353

The across sector participation predominantly backed by faster pace of retracement in Bank Nifty (which carries 37% weightage in the Nifty), signifying inherent strength that makes us confident to reiterate our positive stance and expect Nifty to head towards 18500 in the coming sessions. Thus, focus should be on accumulating quality stocks on dips amid progression of earning season. The Bank Nifty has retraced past fourteen weeks decline in just seven weeks and retested the all time high of 44151. Faster pace of retracement signifies structural turnaround

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