We reiterate our structural positive stance and expect the Nifty to challenge the all-time high of 18600 in coming couple of week - ICICI Direct
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Technical Outlook
Equity benchmarks extended breather over second consecutive session tracking sluggish global cues. The Nifty settled weekly expiry session at 18028, down 128 points or 0.7%. In the coming session, index is likely to witness gap up opening tracking buoyant global cues. Thus, after initial up move, intraday dip towards 18290-18322 should be used to create intraday long positions for target of 18412
We reiterate our structural positive stance and expect the Nifty to challenge the all-time high of 18600 in coming couple of week. The index is likely to witness gap up opening tracking strong rally in global market post outcome of US inflation data. In the process, US Dollar index decisively breached eight months rising channel coincided with key support of 110 that augurs well for acceleration of upward momentum in global equity. Thus, any dip from here on should be used to accumulate quality stocks as we do not expect index to breach the key support of 17800.
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