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The Nifty gapped up above last five session’s narrow trading range to signal resumption of the upward momentum after the brief consolidation near the recent breakout area of 10,170.
The higher base building process above the recent breakout area and the upper band of the last three months consolidation range provided the platform for the continuation of the upward momentum going forward.
We reiterated positive stance and expects the index to head towards the target of 10,600 level over the coming months as it is the measuring implication of the Bullish Double Bottom pattern formed during the last three months consolidation (10,170 to 9,700 = 470 points) added to the breakout point of 10,170.
Therefore, any intermediate cool-offs should be utilised as an incremental buying opportunity. The mega PSU bank capitalisation and infrastructure booster has brought the focus back on the sectoral heavyweight Nifty Bank index which was the most prominent laggard over the last two months.
The banking index which carries a combined weight of nearly 35 percent on the Nifty, resuming its leadership profile will provide the necessary impetus for the index to continue its march towards our target of 10,600 over the coming months
We believe the immediate support base for the index has shifted upwards to 9,900 regions as it is the confluence of following:
>Lower band of the recent consolidation is placed at 9,955
>Rising 50 day EMA is currently placed at 9,970
>61.8 percent retracement of current up move is near 9,900
The broader markets have persistently outperformed the index over the last three months highlighting the underlying positive bias and stock specific action in the market.
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