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The Nifty started monthly expiry session with a positive gap (18267- 18326)

The Nifty started monthly expiry session with a positive gap (18267- 18326) and marched northward as intraday dips were bought into. The fag end buying demand helped index to resolve above recent consolidation (18400-18100). The daily price action formed a sizable bull candle carrying higher high-low, indicating continuance of positive bias. 

Going ahead, we reiterate our constructive stance of Nifty challenging all-time high of 18600 and gradually head towards 18900 by December 2022. The index has resolved out of past two weeks trading range 18400-18100 underpinned by across sector participation, indicating rejuvenation of upward momentum. In the process, we expect broader market to witness catch up activity against benchmark. Thus, dips should be capitalised on as an incremental buying opportunity. Our positive stance is corroborated with following observations

Nifty Bank: 43075

The daily price action formed a bull candle which maintained a higher high -low signalling continuation of the positive momentum

We expect the index to maintain positive bias and head towards 43500 levels in the coming week being the 138 . 2 % external retracement of the September 2022 breather (41840-37387). The recent strong up move has led to weekly stochastic at an overbought territory (93 ) . We believe dips should be used as a buying opportunity with strong support placed around 41500 levels