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Technical Outlook

Equity benchmarks extended lacklustre session amid muted global cues. The Nifty ended Wednesday’s session on a flat note at 18410, up 6 points. In the coming session, index is likely open on a subdued note tracking muted global cues. We expect index to trade with a positive bias amid elevated volatility owing to weekly expiry. Thus, intraday dip towards 18368-18392 should be used to create intraday long positions for target of 18484

We reiterate our positive stance and expect Nifty to challenge the all-time high of 18600 in the coming sessions and gradually head towards 18900 by December 2022. However, the move towards 18900 would not be in a liner manner as rise in volatility near life highs is a common phenomenon wherein healthy consolidation would set he stage for next leg of up move. Thus, a temporary breather from here on should be capitalised on as incremental buying opportunity as we do not expect the index to breach the key support of 17800 as it is 38.2% retracement of past four week’s rally 16950-18442

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