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Nifty

Equity benchmarks started the week on a positive note tracking firm global cues. The Nifty gained 225 points or 1.3% to settle Monday’s session at 18012. In the coming session, the index is likely to witness a gap up opening tracking buoyant global cues. We expect the index to endure its upward momentum and challenge 18100 mark. Hence, use dips to create intraday long positions in the range 18110-18140 for target of 18227

We maintain our positive stance and expect the Nifty to challenge immediate hurdle of 18100 and gradually head towards 18600 by December 2022. Hence, a temporary breather from here on should not be construed as negative instead dips should be used as buying opportunity as we do not expect key support of 17500 to be breached. Breakout from past twelve months falling trend line confirms conclusion of corrective bias, auguring well for extension of ongoing up move

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