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Published on 30/03/2020 10:51:05 AM | Source: ICICI Direct

Equity benchmarks endured high volatility throughout the week and closed marginally lower by 1% at 8660 - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Technical Outlook

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.

 

 

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