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ICICI Direct

OUTLOOK

Published on 06-08-2026 10:31 am

Intraday Rational :

• Trend - Supportive efforts emerged from the lower band of the contracting triangle

• Levels Buy around 80% retracement of last 2 days range.

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ICICI Direct

OUTLOOK

Published on 06-08-2026 10:30 am

Te chnical Outlook :

• Index started the day on flat note thereafter faced resistance around previous session high and remained southward throughout the day and closed on marginally negative note. As a result, the daily price action has resulted into inside bar, indicating extended breather. Index found supportive efforts from 20-day EMA around 57400.

• Going ahead we expect, index to resolve out of one month consolidation range where upper band is placed at 58500 and open the door for next leg of up move towards 60000. The key support zone of 57000 is a placement of the 50- day EMA coinciding with 50% retracement of recent rally (56024-58248) and four months rising trend line

• Another observation is that over last 5 weeks Index has retraced by 38.2% of earlier 3 weeks rally, indicating slower pace of retracement which would help to set stage for next leg of rally.

• The PSU Bank Index relatively outperformed for the day forming higher high higher, indicating support at short term moving average. Going ahead follow through strength above last week week(8423) high would set the stage towards 8700 levels

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ICICI Direct

OUTLOOK

Published on 06-08-2026 10:30 am

Nifty Bank : 57740

Technical Outlook

Day that was :

Bank Nifty ended the day marginally negative down 0.29% at 57740 on back of mixed global cues.

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ICICI Direct

OUTLOOK

Published on 06-08-2026 10:30 am

Intraday Rational :

• Trend – Formation of higher high-low structure in daily time frame, indicating positive bias.

• Levels – Buy around 80% retracement of last 2 days range

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ICICI Direct

OUTLOOK

Published on 06-08-2026 10:29 am

Key Monitorable :

a) Falling Crude Oil

b) Sustenance of US Dollar index below $100 would provide cushion to Indian equities

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