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The index started the session on a flat note and gradually inched up and continued with its record

The index started the session on a flat note and gradually inched upward and continued with its record setting spree over second session in a row. However, profit booking in second half pared some of initial gains. The daily price action formed a bull candle carrying higher high-low, indicating elevated buying demand 

Going ahead, we 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, any dip from here on should be capitalised on as incremental buying opportunity as we do not expect index to breach the key support of 18100 amid global volatility. Our positive stance is further validated by following observations

Nifty Bank: 43053

The Daily price action resulted in a small bull candle with a long upper shadow indicating consolidation with positive bias after sharp up move measuring 14 % in past eight weeks which led weekly stochastic at overbought territory with reading of 91 

We expect the index to maintain positive bias and head gradually towards 44600 levels in the coming month being the 161 . 8 % external retracement of the September 2022 breather (41840 -37387 )