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Published on 30/07/2021 9:13:31 AM | Source: ICICI Direct

Equity benchmarks snapped past three sessions losing streak and concluded monthly derivative expiry session on a positive note - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Technical Outlook

Equity benchmarks snapped past three sessions losing streak and concluded monthly derivative expiry session on a positive note. The Nifty settled Thursday’s session at 15778, up 69 points or 0.4%. In the coming session, index is likely to open on a muted note tracking subdued Asian cues. However, we expect index to find support around intraday support of 15650 and stage a pullback. Hence use intraday dips towards 15695-15720 to create long for target of 15809.

Over past seven weeks is that, Nifty has managed to hold the lower band of consolidation 15500 on multiple occasions while absorbing host of unsettling events like Covid disruption, elevated global volatility and Q1FY22 earnings, highlighting inherent strength which makes us believe index would gradually head towards 15950 in coming sessions. Key thing to monitor from hereon would be that, over past seven sessions the index has corrected (15962- 15513). Thus a breach above upper band of consolidation 15950 in couple of sessions would lead to faster retracement, along with multi sector participation would confirm breakout from ongoing consolidation

Nifty Daily Chart

 

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