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Published on 26/11/2020 11:30:07 AM | Source: ICICI Direct

Equity benchmarks witnessed notable profit booking ahead of monthly expiry - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Technical Outlook

Equity benchmarks witnessed notable profit booking ahead of monthly expiry. Nifty settled at 12858, down 1.5% or 196 points. The index has held its 10-day EMA twice in November and also maintained rhythm of not closing negative for more than a single session. In coming session, holding Wednesday’s low (12844) would lead to pull back attempt amid expiry induced volatility. Hence use intraday dips towards 12855-12880 for long position for target of 12965.

Going forward, holding Wednesday’s low (12800) on closing basis would keep pull back options open towards 13200. Only a decisive breach below Wednesday’s low and 10-day EMA at 12800 would indicate extended breather amid stock specific action. Structurally, the higher peak and trough on a larger degree charts (weekly and monthly) combined with robust market breadth makes us confident to retain short term strong support base at 12500.

 

Nifty Daily Chart

 

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