Powered by: Motilal Oswal
4/05/2021 11:00:00 AM | Source: ICICI Direct
Equity benchmarks recouped intraday losses and concluded Monday`s session on a flat to positive note at 14634 - ICICI Direct
News By Tags | #3961 #879
Equity benchmarks recouped intraday losses and concluded Monday`s session on a flat to positive note at 14634 - ICICI Direct

Technical Outlook

Equity benchmarks recouped intraday losses and concluded Monday’s session on a flat to positive note at 14634. In the coming session, follow through strength above Monday’s high (14674) would lead to extension of ongoing pullback. Hence, use intraday dip towards 14630-14655 to create long for target of 14744

Going ahead, we expect index to eventually head towards all time high of 15400 in the month of May21. We believe, the ongoing consolidation (14900- 14400) would make market healthy and pave the way towards 15400. In the process, stock specific action would prevail as we expect broader markets to outperform amid progression of Q4FY21 result season. The Nifty small cap index clocked a fresh 52 weeks high after resolving out of past two months consolidation, highlighting inherent strength. We expect, broader market indices to endure their relative outperformance wherein small cap would witness catch up activity as Nifty midcap index is hovering at its all-time high whereas small cap index is still 11% away from its life highs

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

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here