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Published on 21/01/2021 11:22:30 AM | Source: ICICI Direct

The index steered past its previous high of 14653 - ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Technical Outlook

Equity benchmarks extended gains over second consecutive session amid buoyant global cues. The index steered past its previous high of 14653 and recorded fresh all time high of 14666.

The Nifty ended Wednesday’s session at 14645, up 124 points or 0.85%. In the coming session, volatility would remain high owing to weekly derivative expiry. However, we expect index to trade with a positive bias while maintaining higher-low formation. Hence, post positive opening, use dip towards 14640-14665 for creating long for target of 14744 Going ahead, we expect index to endure its northbound journey and eventually head towards 14900 by the end of January.

Meanwhile, stock specific activity would continue as we proceed Q3FY21 earnings season. The sturdy move above the previous life-time high of 14653 backed by strong market breadth and broad based market participation has also confirmed a higher bottom in place at Monday’s low of 14200 and signals further acceleration of upward momentum.

 

Nifty Daily Chart

 

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