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TRADING CALLS

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ICICI Direct

OUTLOOK

Published on 07-04-2026 10:37 am

Intraday Rational:

Trend- Price closed above 10-day EMA which has been acting as resistance since March 2026, indicating positive bias

Levels- Buy around 61.8% retracement of Mondays upmove.

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ICICI Direct

OUTLOOK

Published on 07-04-2026 10:37 am

Technical Outlook:

* The daily price action has resulted into strong bull candle with higher high- low with lower shadow indicating buying demand from lower levels.

* Key highlight is that Index has closed above its previous week high(52025) and also short term 10-day EMA which has been acting as resistance since March 2026 indicating supportive efforts at lower levels.

* Going ahead, for a meaningful pullback to materialize Index needs to sustain above short-term moving average (52577) that would further extend pullback towards 54370 being 61.8% retracement of recent decline from (57097-50105). Meanwhile, strong support is placed around psychological mark of 50000 levels (being last weeks low).

* Further on the weekly timeframe, the stochastic oscillator has witnessed a bullish crossover from the oversold territory is at 19 levels, indicating positive momentum from deeply oversold conditions, with scope for a gradual pullback ahead. Therefore, one should avoid creating aggressive short position at current juncture , as technical pullback from current levels cannot be ruled out.

* On the broader space, the Nifty PSU Bank has formed another bull candle with higher high higher low above 200-day EMA indicating positive follow up to previous bull candle. Next key (6800-9918) support is placed around 7400 being 80% Retracement of Sep-Feb 26 rally.

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ICICI Direct

OUTLOOK

Published on 07-04-2026 10:37 am

Nifty Bank :52609

The BankNifty Index concluded the day on a positive note tracking mixed global cues and rise in crude oil prices. BankNifty settle the day at 52609 up 2.06%.

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ICICI Direct

OUTLOOK

Published on 07-04-2026 10:36 am

Intraday Rational:

Trend - Price close above its 10-day EMA after twenty-six trading session, indicating short-term trend reversal

Levels - Buy around 61.8% retracement of Mondays upmove.

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ICICI Direct

OUTLOOK

Published on 07-04-2026 10:36 am

Key Monitorable:

* De-escalation of geopolitical tension, Cool-off in crude oil, RBI Policy, Start of Q4- FY26 earnings, US Inflation.

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