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Published on 22/01/2021 10:22:32 AM | Source: ICICI Direct

Equity benchmarks witnessed profit booking as Sensex approached the psychological mark 50000 - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Technical Outlook

Equity benchmarks witnessed profit booking as Sensex approached the psychological mark 50000. The Nifty entirely pared intraday gains and concluded weekly derivative expiry session on a subdued note at 14590, down 54 points or 0.4%.

In the coming session, we expect Nifty to hold Thursday’s panic low (14517) and trade with a positive bias amid stock specific action as we proceed the Q3FY21 result season. Hence, use dip towards 14530-14555 for creating long for target of 14641

Going ahead, we expect index to endure its northbound journey amid rising volatility ahead of key major event of Union Budget and eventually head towards our earmarked target of 14900 by the end of January.

Thus, buy on declines would be the prudent strategy as possibility of minor profit booking at higher levels cannot be ruled out which would offer incremental buying opportunity to ride next leg of up move. Meanwhile, immediate support remains at 14200.

 

Nifty Daily Chart

 

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