IGI Logo

Technical Outlook

Equity benchmarks commenced the week on a positive note scaling to fresh life highs for third successive session. The Nifty closed the session at 17377, up by 0.3%. In the coming session, the index is likely to open on a flat note amid muted Asian cues. we expect the index to trade in a range with positive bias while maintaining higher highlow. Hence use intraday dips towards 17345-17375 to create long for target of 17458.

The market has exhibited strength across sectors and market caps over past week highlighting structural strength. This makes us confident of reiterating our positive stance as we expect the Nifty to head towards our revised target of 17600 in September 2021. However, after 1000 points gain in 11 sessions, the bouts of volatility at higher levels cannot be ruled out. We therefore recommend to adopt buying on decline strategy in current truncated week to accumulate quality stocks as over past 15 months such strategy has worked well.

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer