THE NIFTY STARTED THE WEEK ON A SUBDUED NOTE HOWEVER BUYING DEMAND FROM 20 DAYS
The Nifty started the week on a subdued note however buying demand from 20 days EMA helped index to resolve out of two weeks trading range 18400-18100. The weekly price action formed a bull candle carrying a higher high, indicating continuance of upward momentum
We reiterate our positive stance and expect Nifty challenging all-time high and gradually head towards 18900 in coming month. In the process, we expect broader market to relatively outperform as it approach 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: 42984
The weekly price action formed a bull candle which maintained higher high -low signalling continuation of the up move
We reiterate our positive stance and expect the index to head towards 44600 levels in the coming month being the 161 . 8 % external retracement of the September 2022 breather (41840 - 37387 )
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