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Published on 29/07/2021 9:53:32 AM | Source: ICICI Direct

Equity benchmarks extended losses over third consecutive session tracking weak global cues - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Technical Outlook

Equity benchmarks extended losses over third consecutive session tracking weak global cues. The Nifty ended Wednesday’s session at 15709, down 37 points or 0.2%. The index has not corrected for more than 3- 4 sessions in a row since mid-March 2021. In current scenario, index has already corrected over past 3 sessions. Thereby we expect Nifty to maintain the same rhythm by arresting ongoing correction in coming sessions. Meanwhile, volatility to remain high owing to monthly expiry. Hence use intraday dips towards 15680-15710 to create long for target of 15797.

The elevated buying demand at key support threshold of 15500 highlights inherent strength that makes us believe, holding above Wednesday’s panic low (15513) would help index to gradually head towards upper band of consolidation placed at 15950 in coming week. In the process, bouts of volatility can not be ruled out. Hence, any dip from here on should be capitalised on to accumulate quality stocks amid progression of Q1FY22 earning season.

Nifty Daily Chart

 


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