Equity benchmarks extended gains over second consecutive week - ICICI Direct
Technical Outlook
Equity benchmarks extended gains over second consecutive week and scaled to a fresh all-time high of 15257 amid firm global cues. The Nifty ended the week at 15163, up 1.6%. In the coming session, Nifty future is likely to open on a positive note tracking firm global cues.
We expect index to trade with a positive bias and maintain a higher high-low formation. Hence, use intraday dips towards 15158-15182 to create long position for the target of 15272. We maintain our constructive stance on Nifty with a target of 15500 in coming month, whereas prominent theme to play out to be outperformance of mid and small cap category as a) Small cap indices of developed peers have been resilient with US index hitting fresh life high.
Strong positive correlation with developed market peers would act as a tailwind for domestic indices b) Locally, we expect upward shift in trajectory of small cap index, which is 18% away from life highs (Midcap index already at life highs).
Nifty Weekly Chart
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