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Technical Outlook

The equity benchmark witnessed a lackluster session ahead of inflation data. The Nifty settled Monday’s session at 18601, up 38 points or 0.2%. In the coming session, the index is likely to open on a positive note tracking buoyant global cues. We expect, index to regain upward momentum while sustaining above past two session identical lows of 18560. Hence, use intraday dip in June future towards 18650-18682 to create intraday long positions for target of 18767 with a stoploss of 18614.

Going ahead, we reiterate our stance of Nifty gradually heading towards its lifetime highs in June 2023. In the process, 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 18450. However, the move towards Life time high will be in a nonlinear manner as bouts of volatility ahead of upcoming Fed meet cannot be ruled out which would consequently result into temporary breather amid overbought conditions that would pave the way for next leg of up move.

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