Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Equity benchmarks endured high volatility throughout the week and closed marginally lower by 1% at 8660. In the coming session, Nifty futures is likely to witness a gap down opening below Friday’s low (8525) amid subdued global cues, indicating extended breather. Therefore, intraday pullback towards 8530 - 8560 should be used to create short position of target of 8440. In the coming truncated week, we expect the index to consolidate in the broad range of 9000-7800 amid stock specific action with elevated global volatility aiding the index to bring some stability in the market. We believe, during ongoing global volatility any retracement towards 8000-7800 (80% retracement of last week’s gain) should be utilised as an incremental buying opportunity. Nifty has already rallied ~20% (7511 to 9038) in the last four sessions, thereby factoring in most of the positives in the price. Hence, going ahead key thing to monitor would be progression in containment of the virus (Covid19) which will set the market direction.
To Read Complete Report & Disclaimer Click Here
For More ICICI Direct Disclaimer http://icicidirect.com/disclaimer.html
SEBI Registration number is INZ000183631
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer