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Technical Outlook

Equity benchmarks extended gains over third consecutive session tracking firm global cues. The Nifty settled Tuesday’s session at 17805, up 180 points or 1%. In the coming session, the index is likely to open on a soft note amid mixed global cues. We expect the index to consolidate with a positive bias after last three sessions strong up move. Hence use intraday dip towards 17740-17770 for creating long position for target of 17859

Key point to highlight is that, investors sentiment remained upbeat despite sharp rise in Covid cases globally, highlighting that the host of negativity around escalating Omicron variant is already priced in. Going ahead, we reiterate our positive stance and expect Nifty to endure its northbound journey towards 18200 in coming weeks. The elongation of rally supported by across sector participation signifies broad based activity. In the process, Bank Nifty has been inching upward after recording falling channel breakout, indicating rejuvenation of upward momentum. We believe, the revived traction in Bank Nifty would drive Nifty higher as it carries 35% weightage in Nifty.

Nifty Weekly Chart

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