A sharp rally can be noticed in SGX Nifty since last month amid strong global as well global cues. Earlier, the aggressive global banks efforts to tame down inflationary pressure by raising interest rates made the equities very volatile. However, the increased interest rates resulted into controlling the inflation which widely settled down the negative sentiments amongst the traders & investors. Besides this, the falling Oil prices amid lowering output & supplies levels created optimism in equity markets; for they are inversely correlated. On regional front, the growing efforts to control inflation & improving banking sector further pushed up the INDIA50. The progressive industrial & key economic figures increase the buying pressure in the index. Upcoming event of FOMC meeting in the month of September will be closely focused. Technically, the INDIA50 is strongly trading above the long term Moving Averages of period 100 & 200; also, above the short term Moving Averages of period 10 & 20. This widely indicates an upward momentum in the index. The index is trading near the major resistance of cluster highs which indicates the chances of strong breakout if breached & 18100-18250 levels can be seen. On other side, if sustained it may reversed down till 17400-17250 levels on short to medium term basis. Buying on corrective dips may be considered as a good opportunity in INDIA50.