The equity benchmark concluded volatile session on a flat note amid mixed global cues - ICICI Direct
Technical Outlook
The equity benchmark concluded volatile session on a flat note amid mixed global cues. The Nifty settled the Tuesday’s session at 18599. In the coming session, the index is likely to open on a positive note tracking firm global cues. We expect, stock specific action to prevail amid ongoing consolidation. Hence, use intraday dip in June future towards 18635- 18668 to create intraday long positions for target of 18753 with a stoploss of 18597.
The index appears to be forming a higher base above its 20 days EMA which has been held since April. We believe, ongoing consolidation will make market healthy and pave the way towards next leg of up move towards our earmarked target of retesting the life time highs of 18887 in the month of June. Thus, any dip from hereon should not be construed as negative instead dips should be capitalized to build portfolio of quality stocks from medium term perspective. We expect the broader market to endure with its relative outperformance as the midcap index recorded breakout from 18 months consolidation while small cap index has come out of one year consolidation, highlighting structural turnaround.
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