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Technical Outlook

Equity benchmarks edged higher amid global tailwinds coupled with lower crude oil prices. The Nifty concluded monthly expiry week at 18513, up 1.1%. In the coming session, index is likely open on a subdued note tracking weak Asian cues. Post initial blip we expect supportive efforts to emerge from 18500 mark. Thus, intraday dip towards 18532-18566 should be used to create intraday long positions for target of 18649

We reiterate our positive stance and expect Nifty challenging all-time high and gradually head towards 18900 by December 2022. In the process, we expect broader market to relatively outperform as it approach maturity of price/time correction. The formation of higher peak and trough along with multi sector participation makes us confident to revise support base upward at 18100. Thus, temporary breather from here on should be capitalised on as incremental buying opportunity. Structurally, breakout from higher base formation above 20 days EMA signifies elevated buying demand that makes us confident to revise support base at 18100

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