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The equity benchmark index rolled over bullish momentum in the calendar year 2018, further boosted by government’s step of seeking Parliament approval for the recapitalisation of bonds.
Eventually, this helped Nifty to record all-time high of 10,659. Similarly, Midcap & Smallcap indices are sustaining at all-time high suggesting buoyancy in the broader market.
On a weekly basis, the index has continued showing respect to the long-term trend line joining the December 2016 and September 2017. The resilience of the key long-term trend line indicating that the market internals remains robust and bodes well for the continuance of the primary uptrend.Thus, we believe that any correction from hereon should be used as an incremental buying opportunity as Q3FY18 earnings expectations and Budget expectations would influence investor sentiment.
We expect Nifty to move towards 10,836 as the recent leg of up move from December low of 10,033 would equate with October rally (9,687-10,490) at 10,836.
In the entire up move since December 2017, intermediate corrective phases have not lasted more than 2-3 trading sessions post which the index has resumed the uptrend.
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