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The Nifty continued its positive momentum as it reclaimed 10,930 for the first time since May. Our reiteration of positive bias at lower levels along with a buy on dips strategy has worked well as the index has approached our earmarked target of 10,930.
The index in this process has registered a resolute breakout above the falling trend line joining the highs of January (11,171) and May (10,929), currently placed around 10,800 levels, signalling a reversal of the corrective trend and resumption of the next leg of upmove.
After an over 400 points upmove in the last 9 sessions from its recent low of 10,558, the Nifty has currently entered overbought territory with a stochastic reading of 91 in the daily chart. This can lead to a breather in coming sessions. As the structure remains positive, such a breather should be utilised as an incremental buying opportunity. This would set the stage for the Nifty to challenge an all-time high of 11,172 in coming months.
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