IN LINE WITH OUR VIEW, NIFTY RESOLVED HIGHER AND SURPASSED AN ALL-TIME HIGH OF 18600
In line with our view, Nifty resolved higher and surpassed an all-time high of 18600. The Nifty started the week on a positive note and inched northward as intraday dips were bought into. The daily price action formed a bull candle, indicating continuance of upward momentum
The formation of higher peak and trough supported by southward drifting crude oil prices makes us reiterate our positive stance and expect Nifty to head towards 18900 in coming month. In the process, we expect midcaps to relatively outperform as it approaches maturity of price/time wise correction. Thus, temporary breather from here on should be capitalised on as incremental buying opportunity as we do not expect index to breach the key support of 18100. Our positive stance is anchored on following observations
Nifty Bank: 43020
The Daily price action resulted in a small bullish belt hold line pattern with lower high as prices bounced after gap down opening however then traded in a narrow range without surpassing Friday’s high (43339 ) indicating breather after sharp up move measuring 14 % in past eight weeks led weekly stochastic at 93
We reiterate our positive stance and expect the index to head towards 44600 levels gradually in the coming month being the 161 . 8 % external retracement of the September 2022 breather (41840 -37387 )
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