Equity benchmark endured its record setting spree and concluded weekly derivative expiry session at 16294, up 36 points or 0.2%. In the coming session - ICICI Direct
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Technical Outlook
Equity benchmark endured its record setting spree and concluded weekly derivative expiry session at 16294, up 36 points or 0.2%. In the coming session, the index is likely to open on a positive note tracking firm global cues. We expect index to trade with positive bias while holding above Thursday’s low (16220) amid elevated volatility owing to RBI’s Monetary policy. Hence, use intraday dips towards 16278-16305 to create long for target of 16393.
The index has seen a swift rally of more than 830 points in last six sessions that hauled daily stochastic oscillator in overbought territory (at 94), indicating temporary breather at higher levels can not be ruled out. However, such a breather should not be construed as negative, instead capitalise dips to accumulate quality stocks. We believe, a sustained move above 16300 would lead to extended rally towards our revised target of 16600 in coming weeks as it is 138.2% extension of mid June rally (15450-15915) projected from June high of 15915 is placed at16575.
Nifty Daily Chart
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