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Published on 2/06/2020 11:22:48 AM | Source: ICICI Direct

Equity benchmarks started the June 2020 on a cheerful note on the back of positive global cues - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Nifty

Technical Outlook

Equity benchmarks started the June 2020 on a cheerful note on the back of positive global cues. The Nifty ended the Monday’s session at 9826, up 246 points or 2.6%. In the coming session, Nifty futures is likely to open on a flat to positive note tracking firm global cues. The formation of higher high-low signifies elevated buying demand. Hence, intraday dip towards 9745–9770 should be used to create long position for 9864.Key point to highlight during the ongoing up move is that, Nifty has witnessed a faster retracement on smaller degree time frame as it entirely retraced past sixteen sessions corrective phase in just four sessions. Faster pace of retracement signifies inherent strength, auguring well for durability of ongoing up move near psychological mark of 10000. The formation of higher peak and trough supported by improving market breadth indicates rejuvenation of upward momentum that makes us confident to revise support base upward at 9500 being 50% retracement (8997 – 9032), at 9464.

 

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